Considering the particular firm/industry, you work for now, or you may use one from the past if it lends itself to this content in a better context. Answer the following questions. First, summarize the job you will be answering these questions about; you may interview a spouse or use a former job if applicable. You can enumerate the answers or write them in paragraph form. This represents a good portion of your final exam, so please take it into consideration when providing your answers. You may also choose to interview a colleague or supervisor with their permission and ensure you properly cite the conducted interview. Please include all questions in your answer. First, summarize the job, industry, and what market model this firm would be categorized as? What were the key forces shaping the nature of competition and the opportunities for profit in this industry? What, if anything, does the firm do to insulate itself from competitive forces? Give specific examples. Was the product homogenous or heterogeneous? Note some of the substitute products for the product being produced. Was geography a factor in determining this market (did it provide a monopoly power due to geography)? Were there many competitors, or did a small number of large firms dominate this industry? Was the demand for the product elastic or inelastic? What type of control did your firm exert over prices? Was this industry-government regulated? Or did regulatory policies affect your pricing and output decisions?
