Assignment: Market Structures
In an eight- to 10-page paper, describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, monopoly), provide a real-life example of each market, and respond to the following for each market structure:
· Indicate how high entry barriers into a market will influence:
o Long-run profitability of the firms
o Cost efficiency of the firms in the industry
o Likelihood that some inefficient firms will survive
o Incentive of entrepreneurs to develop substitutes for the product supplied by the firms
· Are competitive pressures present in markets with high barriers to entry? Explain.
· Describe which market structure you would prefer for selling products. Explain why and support your answer with the characteristics of that market.
· Describe which market structure you would prefer for buying products. Explain why and support your answer with the characteristics of that market.
· How does each market structure respond to price changes of the products that they sell? Explain whether each market structure will be selling elastic or inelastic products, and how this will affect the market price charged.
· How does the role of the government affect each market structure's ability to price their products?
· How does international trade affect each market structure?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.