Understanding different market structures.
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Part I: Differentiating Between Market Structures Table
Prepare a table that describes the characteristics of competitive markets, monopolies, and oligopolies. Format the table as follows:
a. Column headings should be the four market structures:
b. Row headings should help explain the basis for your market characterization:
Perfect competition Monopoly Monopolistic Competition Oligopoly
An example of an organization
Goods or services produced by the organization
Barriers to entry
Numbers of organizations
Price elasticity of demand
Economic profits (Is there a presence of economic profits? (Yes or no.)
Part II: Differentiating Between Market Structures Paper
Prepare a 1,050-1,400-word paper summarizing the content of the table. Address the following questions:
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a. Compare and contrast public goods, private goods, common resources, and natural monopolies.
b. Explain how labor market equilibrium is affected by the supply and demand of labor.
c. Select an organization with which you are familiar and identify the market structure of that organization. Evaluate the effectiveness of this structure for the organization.
d. For your selected organization, summarize the factors that affect labor supply and demand.
Be sure to properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach a copy of the data to your paper.
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Solution Summary
This problem begins with an overview of the different characteristics of various market structures including (perfect competition, monopoly, oligopoly, and monopolistic competition). I then discuss the differences in public goods, private goods, and common resources. I explain how labor markets function and for a selected organization summarize the factors that affect its labor market. the solution includes graphs and verbal explanations.
Solution Preview
See attached for graphs and full explanation...
Part I: Differentiating Between Market Structures Table
Prepare a table that describes the characteristics of competitive markets, monopolies, and oligopolies. Format the table as follows:
a. Column headings should be the four market structures:
b. Row headings should help explain the basis for your market characterization:
Perfect competition Monopoly Monopolistic Competition Oligopoly
An example of an organization T-shirt shops are a good example. They sell practically the same products and in some regions (tourism) there are several on every block. Utility or cable companies are often local monopolies. In my home town before satellite I only had one cable provider. A classic example of monopolistic competition is the food court at a mall. It's all fast food but Pizza, Chinese food, Sandwiches, and Burgers are distinct enough that each franchise has a slightly different product. Kraft Foods is an Oligopoly that owns about 1/3 of all processed food sales. (Boca Burgers, chips ahoy, Jell-o, Maxwell House, etc.
Goods or services produced by the organization Homogeneous or (identical) Unique (only one product) Differentiated Homogeneous or differentiated
Barriers to entry None High Low High
Numbers of organizations Very many One Many Few
Price elasticity of demand Could be elastic or inelastic Could be elastic or inelastic Could be elastic or inelastic Could be elastic or inelastic
Economic profits (Is there a presence of economic profits? (Yes or no.) No Yes No Yes
...
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