The simulation for week four in the Principles of Microeconomics course at University of Phoenix entitled ‘Differentiating between Market Structures ‘is about a transportation company named East-West transportation Inc. The company has four divisions; Consumer Goods‚ Coal‚ Chemical and Forest Products. Each division functions in four unique market structures. The four market structures are Perfect Competition‚ Monopoly‚ Oligopoly‚ and Monopolistic Competition. Below is a summary of the simulation
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Market Structure of a Cosmetologist Nedra Dennis ECO/365 Feb.11‚ 2013 Matthew J. Angner Market Structure of a Cosmetologist We will identify the market structure of a Cosmetologist also known as a hairdresser. Also how a Cosmetologist differentiates from other alternatives and the competitive strategies that might be used by the organization to maximize profits over the long run. As a Cosmetologist which I am in‚ the market structure would be a sole proprietorship. As a sole proprietor you
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Many people do not have the time in their tight and busy schedules to prepare or cook food at their homes‚ so they drive to the nearest fast-food restaurant of their choice. Time and speed are two critical factors that the fast-food industry uses to market itself. Workers and employees of this type of industry have to work extremely quick in order to serve and prepare food for hungry customers. Examples of the largest international competitors of the fast-food industry are McDonald’s‚ Wendy’s‚ Burger
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Maximizing Profits in Market Structures Paper Josie Vennable Axia College of University of Phoenix INTRODUCTION When economists analyze the production decisions of a firm‚ they take into account the structure of the market in which the firm is operating. The structure of the market is determined by four different market characteristics: the number and size of the firms in the market‚ the ease with which firms may enter and exit the market‚ the degree to which firms’ products
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I. MARKET STRUCTURE We can classify firms by the roles they play in the target market: leader‚ challenger‚ follower‚ or nicher. Suppose a market is occupied by the firms shown in Figure 1.1. Forty percent of the market is in the hands of a market leader; another 30 percent is in the hands of a market challenger; another 20 percent is in the hands of a market follower‚ a firm that is willing to maintain its market share and not rock the boat. The remaining 10 percent is in the hands of market nichers
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MARKET STRUCTURE It is common to see similar products offered for sale at vastly different prices. For example‚ the price of a hotel room can vary from as low as £25 per night to several hundreds of pounds or more in the same city; the cost of gym membership will vary depending on the nature of the business organisation offering the service. An organisation’s ability to influence the price at which it sells its products is largely dependent upon the type of market in which it operates. The
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Market structure is defined as the particular environment of a firm‚ the characteristics of which influence the firm’s pricing and output decisions. There are four theories of market structure. These theories are: Pure competition Monopolistic competition Oligopoly Monopoly Each of these theories produce some type of consumer behavior if the firm raises the price or if it reduces the price. The theory of pure competition is a theory that is built on four assumptions:
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Market Structures Objectives: To define market and market structures To describe the differences of the different market structures Market We usually think of a market as a place where some sort of exchange occurs; however‚ a market is not really a place at all. A market is the process of exchanging goods and services between buyers and sellers. Ruffin & Gregory (1997) defines a market as an established management that brings buyers and sellers together to exchange particular goods and
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MARKET STRUCTURE Economists classify the market in different ways. In the main‚ types of markets are examined in four categories which are ‘monopoly‚ oligopoly‚ monopolistic competition and perfect competition’. There are some major features that separate these types of markets. A monopoly is a structure in which a single supplier produces and sells a given product. (E.g. IGDAS‚ ISKI‚ OPEC) If there is a single seller in a certain industry and there are not any close substitutes for the product
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1. Characteristics of the four market structures. [monopoly‚ oligopoly‚ monopolistic competition‚ & perfect competition] 2. Know the four types of monopolies. [Government‚ Natural‚ Technology‚ and Geographic] Market Structure Vocabulary I. Perfect Competition – has a very large number of sellers (hundreds or thousands) of the same product (any agriculture or fishery product). They are all
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