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Lecture

MGTA01H3 Lecture Notes - Monopolistic Competition, Oligopoly, Perfect Competition


Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Give an example of an oligopoly market. Explain and justify your choice by identifying at least four
features of an oligopoly and showing how each feature is present in the market you identify.
You must explain and justify your response.
Sunny was finishing high school in Ontario. During grade 12, she had learned a little bit about different
“Degrees of competition” one day, Sunny was talking to her guidance teacher about her choices of
which university she might attend.
“Mrs Singh” she asked her teacher “is the market for university education perfectly competitive,
monopolistically competitive, an oligopoly or a monopoly?”
“Well” her guidance teacher replied “it all depends....”
Why did Mrs. Singh tell Sunny that “it all depends....”? What does it “depend” on?
Henry is 55 yrs old and has recently been laid off. He worked as a chemist for many eyars w/ a large
chemical corporation that has been hit hard by the recession. Henry is looking around for work. A
former client comes to Henry and asks if he would be willing to bid on a contract to supply windshield
washer fluid to a large fleet of rental vehicles. Henry has a good friend who runs a small business that
manufactures the key ingredient in washer fluid. They agree that they could form a new business to bid
on the contract to manufacture and supply the windshield washer fluid. Henry is thinking of retiring in 5-
10 years. His son David is a recent UTSC graduate in Management and would like to be involved in the
business. Henry would be glad to see David take over Henry’s interest in the business when Henry
retires. What are the legal forms of organization that Henry could employ to bid on the contract? Which
should he choose? Explain and justify your answer.
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