Question

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:

Perfect competition

Monopolistic competition

Oligopoly

Monopoly

Tasks:

Construct a table that describes the various characteristics of each market structure.

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

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.

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

Deliverables:

Prepare a 2-3 page Microsoft Word document that addresses the questions 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 the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.

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.

All submissions must be original and all resources must be properly acknowledged. I don't want handwritten

Answer 1

This is my answer

Perfect competition market- It describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some auction-type markets, say for commodities or some financial assets, may approximate the concept. As a Pareto efficient allocation of economic resources, perfect competition serves as a natural benchmark against which to contrast other market structures.

Monopolistic competition market- It is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not perfect substitutes (such as from branding, quality, or location). In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In the presence of coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities

Oliogopoly market- It is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher costs for consumers. Alternatively, oligopolies can see fierce competition because competitors can realize large gains and losses at each other's expense. In such oligopolies, outcomes for consumers can often be favorable.

Monopoly market- It exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry). Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.

All diagrams are here with names..

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