799

Priciples Of Micro-Economics Help!

Due by 8 pm!

Assignment 1: Characteristics of the Various Market Structures

The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.

One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:

  1. Perfect competition
  2. Monopolistic competition
  3. Oligopoly
  4. Monopoly

Tasks:

  1. Using Template A, construct a table that describes the various characteristics of each market structure. 

  2. Identify a firm for

    each of these market structures and explain why each firm belongs in the market structure identified.

  3. Using Microsoft Excel, construct a graph for each of the market structures and explain how price and output decisions are made in each structure and how they differ.

  4. How is marginal analysis used in the price and output decisions of firms in the various market structures?

Template A:

 

Perfect
Competition

Monopolistic
Competition

Oligopoly

Monopoly

 

 

Number of



Firms

 

 

 

 

Pricing Decisions

 

 

 

 

Output Decisions

 

 

 

 

 

Profit

 

 

 

 

Demand



Curve

 

 

 

 

Ease of Entry

 

 

 

 

Product Differentiation

 

 

 

 

Deliverables:

  • Prepare a 5-10 page Microsoft Word document that includes the tasks noted above and meets APA standards.
  • Include a summary section in your report that contains 5-7 bullet points identifying your major findings or conclusions of your paper. 
  • Submit this report as your initial post in

    the W4, Assignment 1 Discussion Area by Week 4, Day 3.
  • Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.

Question Field

Asked by bethwilson
5 years ago
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