Final Paper on Market Structures

In an eight- to 10-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 eight to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center(Links to an external site.)Links to an external site..
Must include a separate title page with the following:
Title of paper- Market Structures
Student’s name- Dustin Hudson
Course name and number- ECO204
Instructor’s name- Susan Didriksen
Date submitted- 10/16/17
Must use at least five scholarly sources from the Ashford University Library in addition to the course text.
The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)Links to an external site. table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.
Must document all sources in APA style as outlined in the Ashford Writing Center.
Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.

2017101517581914ch_amacher_microeconomics

Solution Preview

Perfect competition

It is a market structure that does not exist. It assumes that competition is at its highest possible level. It considers the following characteristics:

That perfect knowledge of information about the market exists. It is as a result of the free availability of information in the market (Bertoletti & Epifani, 2014). The knowledge is assumed further to influence individuals into making radical decisions concerning profit maximization and utility.

(2,151 words)