Q-1
Name and describe the differences in the four market structures. Why is this important for business managers?
Q-2
Identify an organization not previously selected and recommend methods to reduce costs. What effects do technologies have on costs? What are some lower-cost sources the organization can utilize to reduce costs? What considerations might cause a profit-maximizing firm to decide to forgo using lower-cost sources?
Q-3
When making decisions about marketing, production, and cost sources, factors such as pricing, nonprice barriers to entry, and product differentiation play a key role. Using Quasar, the organization from the Economics for Managerial Decision Making: Market Structuressimulation, or an organization of your choice, determine what strategy you would recommend for the organization in terms of pricing, nonprice barriers to entry, and product differentiation?
Q-4
Describe the pricing and non-pricing strategies in monopolistic competition, oligopoly, and monopoly market models.