Differentiating Between Market Structures Table

Differentiating Between Market Structures Table

Differentiating Between Market Structures Table

In making any sound business decision differentiating between market structures would benefits the business. Team B would first examine four types of marketing structures, which are the Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly. This paper would also compare and contrast what this team knows as public and private goods, common resources, and natural monopolies. Explaining how labor market equilibrium is affected by supply and demand. Team B has selected Wal-Mart as its organization in which we will identify the market structure and describe the characteristics that it makes in the market structure. In evaluating this organizations effectiveness Team B would highlight factors that would affect their labor supply and demand.

First, let us discuss, compare, and contrast public and private goods. The government normally provides a public good. Public goods are nonexcludable and nonrival. Nonexcludable means the good cannot be consumed by anyone who is willing to spend money for it and a nonrival good means more than one person can consume the good (Hubbard & O’Brian, 2010). An example of a public good in The United States would be our military. Everyone can consume the armed forces whether he or she is willing to spend money for it or not and can be consumed by everyone in the country (Hubbard & O’Brian, 2010).

Private goods are the opposite of public goods. Private goods are both excludable and rival. Private goods can be consumed only if bought with money and only one person can consume a private good unit (Hubbard & O’Brian, 2010). Examples of a private goods are endless a few include haircuts, meals at restaurants, and clothing. A private good unit means more than one person can purchase a good but not the same good. For example, people can receive a haircut, but it will not be the same haircut as the previous client...