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Economics

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1. Firms in Competitive Markets

The official "Incredible Edible Egg" Web Site: Go to: http://www.aeb.org/ (Retrieved May 17, 2010). This website is sponsored by the American Egg Board. Among other things, the site is clearly an advertisement for the egg industry. Have you ever seen or do you expect to see advertising for individual egg producers? What characteristics of the good make the market competitive?

2. Monopoly

Microsoft: Go to http://www.debeers.com/ (Retrieved May 17, 2010). Does a monopoly firm produce this product? What characteristics of the good make the market monopolistic? Explain.

3. Oligopoly

The OPEC Oil Cartel Go to www.opec.org (Retrieved May 17, 2010). What are the organization's stated goals, which countries are members, and when was it founded? Is it normal for them to be successful in keeping oil prices high, or have they faced difficulties in keeping the cartel united in the past?

The response addresses the queries posted in 1327 words with references.

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The response addresses the queries posted in 1327 words with references.

// In this discussion, we will discuss about the characteristics of product that makes the market competitive. We will also discuss the monopoly and the characteristics of the product that makes the market monopolistic. The paper will be helpful in learning about the foundation of OPEC. Oil Cartel and the name of the member countries of OPEC. The paper will also explain the difficulties faced by OPEC while keeping high oil prices.//

Firms in Competitive Markets

Many firms are dealing with the egg production because the demand of eggs is increasing day by day. No, the advertising for individual egg producers has not been seen because none of the companies individually involved in the egg industry. It may be possible in future, or in the case if the eggs will become branded i.e. the branded companies will start producing eggs and start promoting it. The advertisements are shown for a bulk of egg producers, not for a single egg producer, for example- American Egg Board (AEB) (Incredible edible egg, 2010).

Characteristics of goods for making competitive market

There are various characteristics of the goods that increase the market competition which are as follows:

Differentiation in product attributes-Differentiation in the attributes of goods or products plays an important role in increasing market competition. The packaging, labeling, quality etc. are the important attributes of the products that influence the demand of the products in the market. Thus, it makes the market competitive (Norman, Thisse, & Phlips, 2000).

Price of the product-Price of the products is the most important aspect in every market. It also influences the economy. Many producers set different prices for their products in the market. So the differentiation in the prices of different products makes the market competitive (Norman, Thisse, & Phlips, 2000).

Supply and demand of products-Demand and supply of the products is an essential factor that influences the market. Every producer has to produce according to the needs and demands of the customers, so that they can make good profits. They also have to supply the product according to the consumers. So supply and demand ...

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The response addresses the queries posted in 1327 words with references.

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See Also This Related BrainMass Solution

Short answer questions in economics: economics, market economy, command economy,supply and demand

Questions (also attached):

1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?

1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?

2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.

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