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Summarizing the content of market structure simulation

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Need some assistance in summarizing the content of this simulation according to the following questions: (at least 700 words)

1. What are the advantages and limitations of supply and demand identified in the simulation

2. Select an organization and identify the market structure for the organization.

3. Analyze how organizations in each market structure maximize profits.

See attachment to view simulation.

(Editor's note: simulation cannot be viewed using this attachment)

© BrainMass Inc. brainmass.com October 24, 2018, 10:47 pm ad1c9bdddf
https://brainmass.com/economics/demand-supply/summarizing-the-content-of-market-structure-simulation-170435

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Just to let you know, it isn't possible to see the simulation from the file you've attached. Simulations require streaming content from the parent web site, and so cannot be saved as files. In order to view the simulation, I had to create an account at EdMap.

1. In the first simulation, you can see that in perfect competition, supply and demand work well to ensure that an efficient market outcome is reached. The company cannot gain excess profits by reducing output, become some other firm can easily take its place. The firms often face shutdown decisions, such as the one discussed, because business is so competitive.

In the second simulation, the transport company has become a monopolist. It still faces the law of demand, in that it cannot set any price it wants and still sell all the product it wants. Because a higher price will result in fewer buyers, it instead can maximize profit by reducing output to the point where MP=MR.

In the third simulation, supply and demand are limited only if ...

Solution Summary

Summarizing the content of market structure simulation and analysis of profit maximization.

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See Also This Related BrainMass Solution

Differentiating Between Market Structures Simulation

Differentiating Between Market Structures Simulation
https://ecampus.phoenix.edu/secure/aapd/vendors/tata/UBAMsims/economics2/market_structures/economics2_market_structures_frame.html

Using the link provided, access and complete the Differentiating between Market Structures simulation.

Based on the reading and the simulation, prepare a table that compares and contrasts the various characteristics of the four market structures. format the table as follows:

a. Column headings should be the four market structures:
1) Perfect competition
2) Monopoly
3) Monopolistic competition
4) Oligopoly

b. Use the following Row headings to help explain the basis for your market characterization:

1) An example of an organization
2) Goods or services produced by the organization
3) Barriers to entry
4) Numbers of organizations
5) Price elasticity of demand
6) Economic profits (Is there a presence of economic profits? Yes or no.)

c. Based on your learning and the simulation, in 750-words summarize the content of the simulation. Address the following questions:

****Please provide references

1) What are the advantages and limitations of supply and demand identified in the simulation?
2) Select an organization with which you are familiar ( American Express or credit card company.) Identify the market structure of your selected organization. Evaluate the effectiveness of this structure for the organization.
3) Analyze how organizations in each market structure maximize profits

the solution should include the table filled-in summary and questions answered.

****Please provide references

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