Differentiating Between Market Structures Simulation
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
3) Monopolistic competition
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© BrainMass Inc. brainmass.com September 22, 2018, 2:05 am ad1c9bdddf - https://brainmass.com/economics/supply-and-demand/differentiating-between-market-structures-simulation-253117
Differentiating Between Market Structures Simulation is discussed very comprehensively in this explanation..