Problem
I.
1. Are you in favor of price discrimination or against it? Try to argue pro and con.
2. What are the ways in which a firm can differentiate its product from those of its competitors?
3. Practical Application: Make a list of five firms with whom you or your family members have done business this week. Which are monopolistic competitors?
II.
1. Practical Application: Suppose you just purchased a men's clothing store in a huge shopping mall. How would you differentiate your store's wares from those of your competitors?
2. Practical Application: If you ran a restaurant located very near several retirement communities, how would you practice price discrimination? Hint: Did someone just say "Early Bird Special," or was that "Blue Plate Dinner"?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.