Listen to the following podcast about Legos: https://www.npr.org/sections/money/2012/12/13/ XXXXXXXXXX/why-legos-are-so-expensive-and-so-popular Why Legos Are So Expensive — And So Popular(Links to an...

Listen to the following podcast about Legos:

https://www.npr.org/sections/money/2012/12/13/167055503/why-legos-are-so-expensive-and-so-popular

Why Legos Are So Expensive — And So Popular(Links to an external site.)

Discussion Questions:

1) After listening to the podcast, explain, in your own words, why Legos are so expensive and so popular?

2) We have looked at 3 different market structure: monopolies, monopolistic competition, and perfect competition. Of these, what market structure do you think would best describe the market for Legos? Why? Be sure to justify your conclusion based on the characteristics of the market structure. Is this market changing for Legos? Why?

3) What other products that you regularly consume that has the same market structure like Legos? What are some similar characteristics?