In an 9-page paper, describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, monopoly), provide a real-life example of each market, and respond to the following for each market structure:
- Indicate how high entry barriers into a market will influence:
- Long-run profitability of the firms
- Cost efficiency of the firms in the industry
- Likelihood that some inefficient firms will survive
- Incentive of entrepreneurs to develop substitutes for the product supplied by the firms
- Are competitive pressures present in markets with high barriers to entry? Explain.
- Describe which market structure you would prefer for selling products. Explain why and support your answer with the characteristics of that market.
- Describe which market structure you would prefer for buying products. Explain why and support your answer with the characteristics of that market.
- How does each market structure respond to price changes of the products that they sell? Explain whether each market structure will be selling elastic or inelastic products, and how this will affect the market price charged.
- How does the role of the government affect each market structure’s ability to price their products?
- How does international trade affect each market structure?
The Market Structures Final Paper
- Must be 9 double-spaced pages in length (not including title and references pages) and formatted according to APA style
- Must include a separate title page with the following:
- Title of paper
- Student’s name
- Course name and number
- Instructor’s name
- Date submitted
- Must use at least five scholarly sources
- Must document all sources in APA style
- Must include a separate references page that is formatted according to APA
Long-run profitability Cost efficiency competitive pressure
The economy is characterized by different types of market structures, and this is important as they help in the analysis of the competitive structures and the realization of the need to focus on the decision making process. The analysis of the existence of the different markets is to focus on the profitability that firms make in the markets, and this assists in the assessment of the competitive factors in the market and the different principles that govern the operation of the………..
APA 2639 words