market structure

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Description

Market Structure

In an eight-to ten-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:


  1. Indicate how high entry
    barriers into a market will influence :


    1. Long-run profitability of the
      firms

    2. Cost efficiency of the firms
      in the industry

    3. Likelihood that some
      inefficient firms will survive

    4. Incentive of entrepreneurs to
      develop substitutes for the product supplied by the firms


  2. Are competitive pressures
    present in markets with high barriers to entry? Explain.

  3. Describe which market structure
    you would prefer for selling products. Explain why and support your answer
    with the characteristics of that market.

  4. Describe which market structure
    you would prefer for buying products. Explain why and support your answer
    with the characteristics of that market.

  5. 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.

  6. How does the role of the
    government affect each market structure’s ability to price their products?

  7. How does international trade affect
    each market structure?

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