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Because why not put this in here?

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The market for my product, Ben & Jerry's Ice Cream, is Monopolistic Competition. There are four major 'rules' for a Monopolistic Competitive market, and here's why this market best describes my product:
1. Many sellers. There are countless different ice cream companies and even more individual stores that sell ice cream. Ice cream is no new thing, and there are so many companies you couldn't count them with a calculator.
2. Few barriers to enter the market. It's not hard to make and sell your own ice cream (putting aside the work you have to do to produce your ice cream, all I'm saying is that it's easy to enter the market). You can easily produce your own ice cream and sell it too, though the tricky part may be getting your product into stores.
3. Differentiated products. Each brand of ice cream is (for the most part) unique in its own way. Though we have many of the same flavors, they all taste different. I can safely say that Ben & Jerry's is one of the most original companies in the flavor section; they've got over 40 flavors selling at a time and always rotating - they've even got a 'flavor graveyard' in which they put tombstones to mark old flavors and their lives in the market.
4. Nonprice Competition. This pertains to the differences in physical features, locations and other things. There are definitely differences in these things. Some ice cream companies have stores in which you simply go in and buy a cone or a sundae; others only sell at stores and some - like Ben & Jerry's Ice Cream - have both. There are certainly differences in between different ice cream companies, especially Ben & Jerry's - I could say they've got the most unique flavors ever and not be lying. There are definitely differences in locations - just like Ben & Jerry's originated in Burlington, VT, Häagen-Dazs originated in New York City and Woodside Creamery is an entirely local company.
Currently, ice cream companies don't collude with one another (as it's illegal and everything) but it wouldn't be hard to. Ice cream mostly sells for about the same range of prices and to agree on a set price for all ice cream containers wouldn't be too hard for them.

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There are no current price floors or ceilings on this product. A very effective price ceiling on this product would be $1.00... can you imagine? Consumers buying ice cream by the pint for one dollar... although that would put Ben & Jerry's (and other ice cream companies) out of business faster than you can snap your fingers. Since the cost of production would then be higher than what they sell for, they get less than a profit and therefore cannot even afford to make their product anymore. An example of a very effective price floor would be $10. This is a very high price to sell at and would also probably put producers out of business. Since they can't sell for anything below that amount, and most consumers would not buy ice cream at that ridiculous price, the producers wouldn't be able to sell their product and would be put out of business. Both of these examples are very exaggerated and show the effects of terribly thought-out price floors and ceilings.

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Changes in the cost of production can shift the supply of this product because if the cost of production is very high, this will serve as a disincentive to product each pint of ice cream and their supply will go down. If the cost of production is very low, producers would be able to make more and sell more with a reduced price. Changes in weather also alter supply because the producers know that in the winter, people don't really want to buy ice cream (because it's super cold outside) but in the summer people do want to buy ice cream, and producers change their supply accordingly to meet the demand. Changes in price expectations can change the supply of this product; if the price for ingredients is expected to go up, they'll buy more ingredients and make more ice cream to stock up before prices go up, and if prices for ingredients are expected to go down, production will slow down while the company waits for prices to fall. Change in the quantities of complements will not alter the supply of my product at all because there are really no complements to this product.  A change in the number of producers could shift supply for this product because if another producer's supply goes up, Ben & Jerry's would raise their supply to top the other producers.

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I think the supply of this good is very elastic - it would be easy for this company to simply throw a few switches and push a few buttons, and ta-da, you have more ice cream! If the demand goes up or down, they would change their supply accordingly. Since the responsiveness of producers of this product is elastic, this affects the elasticity of supply because supply can easily go up or down, depending on the demand of the product.

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Shifts in price expectations could greatly impact this product, depending on the type of person you are, but if prices are expected to go up in the future, most likely people will start buying more and stocking up, kind of, before prices go up. If prices are expected to go down in the future, people will almost certainly cease to buy it currently and wait to take advantage of low prices in the future. Changes in population shouldn't drastically affect the demand for this product other than the fact that there could potentially be more consumers to demand, but that's about the extent of it. Changes in people's income could shift this - if people start earning more, they might start thinking, you know what, I can afford better ice cream, and start buying more Ben & Jerry's. If people start earning less money, they may have to say goodbye to the delicious ice cream and have to settle for a less tasty treat. There are really no complements for this product, so there's really no reason that could change the demand for this product, but prices of available substitutes will. If prices for other ice cream go up, and potentially reach higher than Ben & Jerry's Ice Cream, people may settle for somewhat-less-cheaper Ben & Jerry's. If prices for other ice cream go down, people may stop buying Ben & Jerry's and start purchasing the cheaper ice cream for the sake of saving money. Changing tastes/trends wouldn't affect demand for this product, seeing as ice cream is ice cream and will always be ice cream. Changes in weather, however, do affect this product - more commonly, in the winter, people like to eat and drink hot things such as hot chocolate and soup. It is rare to see ice cream shops open and busy in the fall and in winter. However, in the summertime, when the weather is hot and humid, who wouldn't want a nice cold scoop of ice cream - or even better, a nice cold scoop of Ben & Jerry's? Lots of people do! That's why when it's warmer outside, people like to enjoy ice cream and when it's cold outside, people do not.

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Ben & Jerry's is relatively popular brand. The company makes nearly $132 million a year on sales of their terrific ice cream! This product has a mostly elastic demand, seeing as ice cream is not a necessity and a major price change will greatly affect the demand for this product, especially since there are many available substitutes that are plenty delicious also, such as Häagen-Dazs, Edy's and Turkey Hill. Ice cream isn't very urgent - at all - and therefore urgency does not really impact the choices of consumers. This is a small-ish percentage of budget; it's not an enormous percentage of budget, like a house or a car, but it's not tiny either - especially since it's expensive for a pint of ice cream. Even so, this is a small percentage of budget and it is more on the elastic side.

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https://www.walmart.com/ip/Ben-Jerry-s-Chocolate-Chip-Cookie-Dough-Ice-Cream-16-oz/10309251

https://www.thetoptens.com/best-ice-cream-companies/

http://www.statisticbrain.com/ben-and-jerrys-ice-cream-statistics/

https://www.thedailymeal.com/eat/complete-list-ben-jerry-s-flavors

My Parents

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For this project, I have decided to do the price of one 16 oz container of Ben & Jerry's Ice Cream. The price of one of these too-small containers of wonderfully delicious ice cream is is typically around $4.28.