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Sporting market structures

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Describe the market structure in which a typical professional sports team in or outside the United States (e.g. New York Yankees, Kansas City Wizards, New Jersey Mets, Manchester United, etc.) operates. Do they cleanly fit into one of the four structures discussed Managerial Economics and Business Strategy book? If yes, describe which one and support the conclusion you reached? If you believe they do not fit neatly into a structure, describe why not?
After you have reached your conclusion, examine and explain how, if at all, your conclusion changes if the scope of the marketplace changes, i.e., the area of consideration is narrowed or widened. The area of consideration may be the product or service under review, or the geographic area in which the product or service is offered.
Lastly, gather some information about a market structure called 'monopsony' and state why or why not that structure is relevant to the topic.

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Solution Summary

Whether sports most clearly fits into Competitive, Monopolistic, or Monopolistically Competitive Markets

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The four market structures described are monopoly, perfect competition, oligopoly, and monopolistic competition. Most professional sports leagues function in a market most like monopoly. Sports leagues are except from the provisions of the Sherman Anti Trust Act, the US Supreme Court having ruled in 1922 that sports are an exhibition, rather than a good or service, and are therefore exempt from anti-trust laws. Thus, within each city there is generally only one team representing each league, and there is no legal recourse for those want to enter the market. ...

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