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These are the best new articles, videos, podcasts, and other resources we have found to teach perfect and monopolistic competition. They bring economics to life by showing students real-life examples and current events.
 

News Articles

(Listed from most recent to oldest)


Kmart shoppers bid a wistful farewell to the last outpost of a once-beloved ‘mainstay’ | CNN Business
Creative destruction brings innovation and also destruction. The last full-size Kmart is closing, as Amazon and other services displace the traditional retailer whose stores contained an enormous variety of every-day products.

Prime Day isn't just for Amazon anymore | Vox (July 15, 2024)
Prime Day faces competition from retailers including Walmart and Target, who chose to schedule sales promotions earlier in the summer.

The fruit inflation forgot: Bananas remain affordable as food prices spike | Axios (March 1, 2024)
Bananas are a competitive, price-taker market.

Texas Roadhouse is beating Outback in the steakhouse rodeo | Quartz (Feb. 23, 2024)
Restaurant competition is heating up as inflation-stricken consumers choose to eat at home more often, but foot traffic is increasing at Texas Roadhouse.

How a 40-ounce cup turned Stanley into a $750 million a year business | CNBC (Dec. 23, 2023)
A masterclass in product differentiation–limited release colors and social media promotions have turned Stanley tumblers into a distinctive product commanding $45 and grown company revenues 10x.

Hoka sneakers: Why these chunky, ugly running shoes are selling like crazy | CNN (Feb. 1, 2023)
Looking to update your product differentiation examples? Hoka’s chunky running sneakers are commanding a premium as they soar in popularity.

Cocoa farmers in Africa and Latin America bear the cost of keeping chocolate cheap | The Globe and Mail (May 12, 2023)
Cocoa farmers haven’t succeeded in raising prices despite many attempts. This (very long) article details the harsh realities of cocoa farming as a price taker.

Inside the Complex World of Fragrance Dupes | Allure (March 1, 2023)
As the technology to copy fragrances has become more widespread, more companies pop-up claiming to offer near copies of well-known, expensive fragrances at a fraction of the cost, ratcheting up competition in the perfume market.

NYC bakery launches “The Supreme,” a new croissant pastry that’s gained viral fame | FoxBusiness (August 28, 2022)
A croissant or a donut? Or a croissant-donut hybrid with a crumbly topping and filled with ganache crème? How did the Supreme pastry become a sensation and help a NY bakery attract customers? This article could be used in discussions of monopolistic competition, trademarks, and supply and demand.
Resource: Worksheet
 

Videos

Intro to the Competitive Firm | MRU
Alex Tabarrok covers the basics of how companies survive in a perfectly competitive environment.

The Invisible Hand | izzitEDU
Bring Adam Smith’s words to life with this video about the efficiency of markets.

Podcasts

How a Hoverboard Gets Made | Planet Money
When perfect competition is so strong, no one even knows where an innovation comes from.

Due To New California Law, Uber Allows Some Drivers To Set Their Own Rates | NPR 
Allowing drivers to set their own rates, forces them to compete with each other. This story includes a great description of the reality of price taking in a competitive market.

How to make it in the food truck business | Planet Money Episode 366
Robert Smith chronicles what competition looks like in the food truck business and, not surprisingly, a large part of the answer comes down to location, location, location.

Additional Resources

Multiple-Choice Questions | MRU

Perfect competition simulation | Economic-games.com

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