How the sellers differentiate their products from their competitors as suggested by these video clips?

Published by Jeannie R. Ferrell

Dec 8, 2022

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This assignment is to illustrate a couple of points we learned in the three different market structures, i.e., perfect competition, monopoly, and monopolistic competition. This is a two-part assignment.
Part 1: Watch two video clips and write up your answers. These video clips are from the movie “You’ve Got Mail” which is about the bookselling industry, where product differentiation matters. You are to write up your answers to the following questions (please answer question by question) and submit your answers by uploading your document to Canvas.
While watching the video clips, please keep in mind that you are to answer and discuss (on the discussion board as well) the following points:
What are the differences between monopolistic competition, competitive markets, and monopoly? Please use all the knowledge you learned from the previous modules to help you answer this question. You should also refer to the video as well.
Is bookselling a perfectly competitive industry? Briefly explain
Can you identify barriers to entry from the video?
How the sellers differentiate their products from their competitors as suggested by these video clips?
Part 2: Post your answer to #2, is bookselling a perfectly competitive or monopolistic competition market? on the discussion board and please provide at least two meaningful responses to your classmates’ answers and observations. Keep in mind that your answers to #3, and #4 actually should help you form your arguments.
The first video is when the rivals finally meet. The second video should be showing that Kathleen is closing her bookstore and she is mentioned as the one who is known in the industry with the breadth of knowledge in children’s books.
Video one:
https://www.youtube.com/watch?v=sAQogHJ529gLinks to an external site.
Video two:
https://www.youtube.com/watch?v=ps2CGU-JZw0&t=73sLinks to an external site.

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