J. Dela Cruz and M. Gomez are former classmates in the MBA class, and after graduating, they established a cattle ranching business partnership. At present they are now two of many thousands of ranchers raising black angus cattle and selling the beef to various burger restaurants. They must carefully watch their costs to be competitive with other ranchers who will sell at a cheaper cost, which would put J. Dela Cruz and M. Gomez out of business. (10 points)

1. What is the market structure for this kind?

2 Describe the market size and number of sellers

3. What makes the product unique (Product differentiation), if there is any?

4. What are the barriers to entry in their line of business?

5. How do J. Dela Cruz and M. Gomez control over prices?​