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ECO 204 Week 3
ECO 204 Week 3 Quiz
Assignment Manufacturing Industry Evaluation
As you learned in this chapter, economists sometimes use concentration ratios to evaluate whether industries are oligopolies. In this application, you will make your own determination using the most recent data available. You will also discuss the merits and disadvantages of oligopolies in light of your research.
Go to Concentration Ratios in Manufacturing, click on the PDF of the most recent Economic Census for Manufacturing (NAICS 31-33), and answer the following questions in a two to three page paper written in APA format as outlined in the approved APA style guide.
a. Find the four-firm concentration ratios for the following industries: fluid milk (311511), women's and girl's cut & sew dresses (315233), envelopes (322232), electronic computers (334111).
b. Which industries are characterized by a high level of competition? Which industries are characterized by a low level of competition? Define oligopolies and identify which of the listed industries qualify as oligopolies.
c. Name and describe some of the firms that operate in the listed industries that qualify as oligopolies.
d. Discuss whether or not oligopolies are always bad for society, using examples from the firms you described.
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale. Why is a perfect competitive firm associated with efficiency for both consumers and businesses?
Which of the following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Make sure in your answer to relate it to the characteristics of the market structures. Explain your answer. If you are not sure, what information do you need to know to decide? Respond to at least two of your fellow students’ postings. a. Athletic shoes b. Restaurants c. Watches d. Aircraft e. Ice Cream.