Reflection

Reflection Journal

University of Phoenix

Patricia Brown, Lorinda Davis, Felecia Hollis, Connie Holsey, Earlene Preer, Regina Robinson

ECO/365

September 25, 2012

Shonda Meadows

Reflection Journal

Introduction

Patricia, Lorinda, Connie, Earlene, Felecia and Regina are team A. We will be discussing competitive market and market structure along with the four main parts to the market structure monopoly, oligopoly, monopolistic and competition. We also will be discuss how comfortable, how we struggle and how does this relate to us in our careers.

Discussion

In week Three learning team A discuss the competitive market and market structure and how it work in a team aspect. Dealing with the competitive market, we as a team have to determine what are the fixed and the variable cost of starting our business. There are four main parts to the market structure Monopoly, oligopoly, monopolistic and competition. “A monopoly exists when one company and one only provide services in a particular industry, or one company dominates and consumers cannot substitute anything that comes close” (Grunert, 2006). The oligopoly is a structure that deals with the selling similar goods and service to the consumers. The monopolistic this one is very similar to the many sellers very different from the product. Lastly, the competition is how we look at the other business and compete with their product and prices.

In class, each team compares various market structures and their characteristics, evaluate the effectiveness of competitive strategies in market structures, and determine profit-maximizing strategies based on a market structure analysis. Learning the four market structure help Team A incorporates week one material how relate to market outcomes and prices, which focused on productivity and costs.

We examined the choices each team made in selecting a business expenses, we also analyzed market structures, discuss how...