The market structure influence how price and output decisions are made by the firms in their respective structure.
The market structure 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
Required:
1. Using Template A (use excel for this template), construct a table that describe 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 (use excel for template A)
Perfect Monopolistic Oligopoly Monopoly
Competition Competition
Number of firms
Pricing Decisions
Output Decisions
Profit
Demand Curve
Ease of Entry
Product Differentiation
Deliverables
1. In a Microsoft Excel document, address each of the questions above, using text boxes for narratives. Explain your answers and use examples.
2. Create a 5-12 slide Power Point presentation that summarizes your respones to the above-noted questions.Do Not include the table created in question 1.
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