Oligopoly, Monopolistic Competition, and Monopoly (200 word minimum)

Assignment Details

You have learned that some markets are competitive but that there are also a few markets that are serviced by just one firm. Examples include utility companies that provide electricity and natural gas to homeowners.

Please draw on your own experiences and what you have learned in Unit 4 to discuss the following points. Please use economic concepts; and use references in your main contribution.

1. Please identify and describe your local utility.
2. Please explain what products or services it provides.
3. Are there other companies that provide these products in your community?
4. Have prices increased in the last 2 years? Please explain.
5. Do you think prices would be higher or lower if there were 2 or more providers? Please explain.