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AGENDA Mon 3/5 & Tues 3/6• QOD # 19: “Stupid is as stupid does.”• Review Quiz• Review HW• Taste Tests • Monopolistic Competition• Oligopoly• “Luke, I am your father!”• HW: pg 189 #1-5; pg 195 #1-5
– Study for Market Org Quiz– Stock Market Company Analysis Summary Sheets & Printout #1
QOD #19: “Stupid is as stupid does.”As you watch the clip from “Forest Gump,” note the process
related to Bubba Gump Shrimp’s position in the shrimping market.
1. Before the hurricane, how does the shrimping industry resemble a perfectly competitive market?
2. How does the hurricane change the market price and quantity of shrimp? (Use supply & demand graphs to illustrate.)
3. How did the hurricane create a monopoly for Bubba Gump Shrimp? Use the characteristics of a monopoly to support your answer.
4. Do you think Forest can maintain his monopoly status over time? (In other words, are there barriers to entry?) Explain.