The three assigned concepts are the following: Price Elasticity of Demand, Principal-Agent Problem, and one of the following: Monopolistic Competition or Oligopoly or Monopoly. Over the past decade we have seen significant fluctuations in the How does consumer responsiveness to price changes in the product market affect supply and demand considerations?
Do the consumers in the product market possess sufficient information to make fully informed decisions? Why not?
What is the nature of your local product market for natural gas; is it a monopolistically competitive, oligopolistic, or a monopoly market? Be sure to justify your conclusion through a thorough analysis of your selected market structure.
