Discussion Post: Microeconomic
We recently discussed marginal cost as it relates to decision making. We also discussed the four market structures as they relate to setting prices and output decisions. What are some of the takeaways that you have after reflecting on how a business can make decisions using the marginal cost marginal revenue idea? What market structure would you like to be a seller in? What market structure would you like to be a buyer in? How do you think understanding these concepts can help you be a better producer or a better consumer?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.