Assignment Background Information
Ruby Red Theater is now starting to work on its marketing plan to draw more customers into the theater. Manager Tracy has provided you with the following information and asked for your help:
|Movie Theater||Average Ticket Price|
|Ruby Red Movie Theater||$10.00|
|Grayson’s Guild Movie Theater||$8.00|
|Ryne’s Reel 2 Reel Movie Theater||$8.00|
|Garrett’s Dollar Movies||$1.00|
|Movie Theater||First Start Time||Last Start Time|
|Ruby Red Movie Theater||12:00 noon||11:00 p.m.|
|Grayson’s Guild Movie Theater||10:00 a.m.||11:00 p.m.|
|Ryne’s Reel 2 Reel Movie Theater||10:00 a.m.||11:00 p.m.|
|Garrett’s Dollar Movies||12:00 noon||11:00 p.m.|
|Movie Theater||Average Monthly Movie Ticket Sales|
|Ruby Red Movie Theater||15,000|
|Grayson’s Guild Movie Theater||23,000|
|Ryne’s Reel 2 Reel Movie Theater||25,750|
|Garrett’s Dollar Movies||25,200|
|Characteristic||Perfect Competition||Monopolistic Competition||Oligopoly||Monopoly|
|Number of Firms||Vast||Many||Few Dominant Firms||One|
|Type of Product||Homogeneous||Differentiated||Differentiated||Unique, Limited, No Close Substitute|
|Size of Firm||Relatively Small||Relatively Small||Average to Large||Large|
|Barriers to Entry and Exit||None||Low||High||Extreme|
|Price-Setting Power||None, Price Taker||Low, Price Maker||High, Price Maker||High, Price Maker|
|Long-Run Economic Profits||None||None||Possible||Possible|
Answer the questions on the next page. Your answers must be a minimum of 300 words in length for each question.
Unit VI Assignment
Using the provided table that outlined the various characteristics of each market structure type and the information provided by Manager Tracy from Ruby Red Movie Theater, define the market structure (perfectly competitive, monopolistically competitive, oligopoly, or monopoly) for the movie theater market of this town. Discuss each market structure characteristic as it either relates or does not relate to the movie theater market for this town. Make sure you address all four market structures and each market structure characteristic in your discussion.
If you need additional space, please feel free to insert an additional page.
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