Eco 212 Week 3 Learning Team Assignment Differentiating Between Market Structures Paper

ECO 212 Week 3 Learning Team Assignment Differentiating Between Market Structures Paper

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ECO 212 Week 3 Learning Team Assignment Differentiating Between Market Structures Paper

Resources: Principles of Economics textbook, articles, and Tomlinson Economics Videos

Prepare the Market Structures Table and Paper based on your learning, readings, and videos.

Complete Part I: Differentiating Between Market Structures Table

Prepare a table that describes the characteristics of competitive markets, monopolies, and oligopolies. Format the table as follows:

• Column headings must be the four market structures.

• Row headings must explain the basis for your market characterization.

Perfect competition Monopoly Monopolistic Competition Oligopoly

An example of an organization

Goods or services produced by the organization

Barriers to entry

Numbers of organizations

Price elasticity of demand

Economic profits: Is there a presence of economic profits? (Yes or no)

Complete Part II: Differentiating Between Market Structures Paper

Write a 1,050- to 1,400-word paper summarizing the content of the table. Address the following questions:

• Compare and contrast public goods, private goods, common resources, and natural monopolies.

• Explain how labor market equilibrium is affected by the supply and demand of labor.

• Select an organization with which you are familiar and identify the market structure of that organization. Evaluate the effectiveness of this structure for the organization.

• For your selected organization, summarize the factors that affect labor supply and demand.

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