Unit 4: Lesson 22 - How Competitive Is the Industry?
Using a local example, students discuss the benefits of competition. In small groups they read descriptions of the markets for cucumbers, haircuts, cereal, and diamonds (prior to 2000). They use this information to fill in a chart that summarizes characteristics of competition, monopolistic competition, oligopoly and monopoly.
- Non-price Competition
- Barriers to Entry
- Concentration Ratio
- Monopolistic Competition
- Standard #9: Competition and Market Structure