Discuss the four market models (perfect competition, monopolistic competition, oligopoly, and monopoly) and make sure each team member agrees on the specific characteristics of each type of market.
Each team member should select their own real-world market and do some research on the characteristics of the selected market to determine the market type. For example, if I chose the market for breakfast cereal, I would do some research and discover that this market is an oligopoly since 80 percent of sales belong to only four firms (General Mills, Kellogg, Post, and Quaker). I would then write my own section to describe the market I have chosen and go into more detail about my research on this market.
Each team member will write their own individual section, approximately 200 words in length. In your section, describe the characteristics of the real-world market you selected and researched as well as your conclusion about which type of market model best fits your real-world market.
Format the paper according to APA standards. Include a cover page, descriptive subheadings for each individual’s section, and properly-formatted citations on the last page.