New England College Oligopolistic Industries Discussion

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Puvagh074

Economics

New England College

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Discussion Board – Oligopolistic Industries

An oligopoly is characterized by a relatively small number of firms offering a similar product or service. Oligopoly products may be branded, as in soft drinks, cereals, and athletic shoes, or unbranded, as in crude oil, aluminum, and cement. The main distinction of oligopoly is that the number of firms is small enough that actions by any individual firm on price, output, product style, quality, introduction of new models, and terms of sale has an impact on the sales of other firms in the industry. Review the Table 12.1 (pg. 416), select a dominant single firm, duopoly firm, and triopoly firm and discuss if you foresee any weaknesses in the three firms you selected that would allow entrance into this market or if one of the firm has enough strength to become a monopoly?

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Explanation & Answer

Attached.

Running head: INTERNATIONAL BUSINESS MANAGEMENT

International Business Management
Name
Institution Affiliation

1

INTERNATIONAL BUSINESS MANAGEMENT
International Business Management
Introduction
Today’s business environment has increasingly become international. This is due to the
advancement in technology, and people across the world travel daily to attend business functions
and purchase commodities in the global market. The hospitality sector in various countries has
experienced significant growth as entities focus on meeting demand from local and international
parties. In the global marketplace, managers are supposed to understand how to conduct business
and mitigate various challenges. Employees should be able to reduce cross-cultural challenges in
the workplace, ensuring they exhibit practical communication skills. International business
studies help learners acquire the skills to serve in different countries, providing their knowledge
in business operations, marketing, and supply chains. With this knowledge, it is possible to gain
market growth and survive in a competitive business atmosphere (Coibion, Gorodnichenko, &
Weber, 2019). Various agencies such as the Bureau of Labor Statistics (BLS) are tasked to
conduct statistical analysis in labor economics, helping hospitality management students
understand different aspects governing the industry, as discussed below.
Question 2a
The Bureau of Labor Statistics (BLS)
The BLS is an agency mandated to produce economic data concerning the United States
economy. These reports entail different aspects such as CPI (Consumer Price Index) and PPI
(Producer Price Index), which are essential factors that measure inflation. The labor market,
productivity, and prices are economic indicators in the U.S economy. They are often used by
financial analysts, businesses, and policy markets where they influence individual decisions.

2

INTERNATIONAL BUSINESS MANAGEMENT
This agency makes further steps to ensure impartiality, accuracy, and accessibility of the
information where market participants and economists observe data releases. These parties
manage to generate accurate ...


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