Friday, December 3, 2010

Post 3: 5 Purchases

1.  Nike Hoodie

This product can either be put in the Oligopoly or Monopolistic competition category. If you only include it among the top brands such as nike, adidas, and reebok, it is an oligopoly. If you include all the cheaper brands with it such as the ones found in walmart and k-mart, there are far more options making it monopolistic competition.

2.  Chineese Food

This product should be placed in the monopolistic competition cagegory. There are so many different restaurants, and even chineese restaurants around, especially in NJ to compete. I could have chose another place to eat very easily. Consumers have great amounts of power in this market because they have so many choices and options.

3.  Honda Civic

This vehicle would be placed in the oligopoly category. There are only a handful of car companies to choose from but there are still various options. I used my right of free will to buy the car I wanted but only had a few companies to choose from.

4.  Chrome Rims

For Christmas my parents bought me chrome rims for my car. This would be an example of monopolistic competiton. I found the ones I wanted, but there were 20+ companies I could have chose from, and there are more I do not even know about.

5. iPhone 4

The iPhone 4 would definitely be in the category of oligopoly. There are very few smartphones with this level of performance in the market today. Even with other competitors in the marketplace, many including me, believe it to be far superior in capability and performance. Consumers do not have as much power in this market because there are a limited number of choices for them to make.

1 comment:

  1. Can you please go back in and add some points about the power of consumer vs power of producer in a few of these cases?