Perspectives on Industry Structures

This activity will enable you to:

• Relate collusion and similar strategies in the real world with reference to industry structures

Discussion

Now that you have learned about various industry structures, think about a pure monopoly, monopolistic competition, and oligopoly from the economic and then from a consumer perspective. Then, post a response to the following:

• As a consumer, what are the advantages and disadvantages of each of these industry structures?
• To an economy, what are the advantages and disadvantages of each of these industry structures? Do private and social interests coincide under these industry structures? Give examples to support your reasoning.

Part 2

This activity will enable you to:

• Describe the characteristics of a pure monopoly

Discussion

You have read about pure monopoly as an industry structure and the factors that contribute to the creation of a monopoly. With reference to monopoly characteristics, post a response to the following:

• Are monopolies indefinitely bad for society?
• As a price setter, how will a monopolist determine price?
• Provide specific examples of price discrimination that you have encountered. Do you believe price discrimination is fair

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