MICROECONOMICS ASSIGNMENT: Ira Lovitch Market Structures Analysis For this assignment, you will...

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MICROECONOMICS ASSIGNMENT: Ira Lovitch Market Structures Analysis For this assignment, you will write a XXXXXXXXXXword paper in which you evaluate the four market models or structures (Monopoly, Oligopoly, Monopolistic Competition and Perfect Competition), answering the following about each of the four structures briefly but in a substantive manner: 1. At least one (1) example of an organization for each model/structure (more examples are better than the minimum). 2. Goods or services marketed and/or produced by this organization. 3. Number of firms in this industry (one/few/some/many, etc.). 4. Barriers to entry. 5. Best approach to maximize profits. 6. Price elasticity of demand (elastic, unit elastic, or inelastic) that you would estimate for each example and on what criteria do you base your conclusions. This paper should be a properly formatted Microsoft Word document and posted to the Canvas assignment drop box no later than Friday at midnight on the due date. You may embed a table or chart constructed using Word or Excel into your paper for added clarity. All sources should be properly cited via APA in text and listed on the reference page. As a guideline, a minimum of 4 APA-compliant sources should be used for this assignment (Wikipedia, Investopedia and similar websites are non APA compliant). Helpful sources for this assignment can be found in your text or the MSMU library. Format your paper consistent with 6th APA guidelines, spell and grammar checked. A cover sheet and a reference page are both required. Please review the APA Template document attached here (APA_Template.docx ) for guidance, or for additional help, visit: https://owl.english.purdue.edu/owl/resource/560/01/ (Links to an external site.) Or: http://www.citationmachine.net/apa/cite-a-book (Links to an external site.) If you have any questions or concerns, contact the professor about this assignment to ensure that you are delivering the proper content in the correct format.
	
Document Preview: MICROECONOMICS	ASSIGNMENT:	Ira	Lovitch	
	
Market	Structures	Analysis	
	
For	this	assignment,	you	will	write	a	 XXXXXXXXXX	word	paper	in	which	you	evaluate	
the	four	market	models	or	structures	(Monopoly,	Oligopoly,	Monopolistic	
Competition	and	Perfect	Competition),	answering	the	following	about	each	of	the	
four	structures	briefly	but	in	a	substantive	manner:	
	
1. At	least	one	(1)	example	of	an	organization	for	each	model/structure	(more	
examples	are	better	than	the	minimum).	
2. Goods	or	services	marketed	and/or	produced	by	this	organization.	
3. Number	of	firms	in	this	industry	(one/few/some/many,	etc.).	
4. Barriers	to	entry.	
5. Best	approach	to	maximize	profits.	
6. Price	elasticity	of	demand	(elastic,	unit	elastic,	or	inelastic)	that	you	would	
estimate	for	each	example	and	on	what	criteria	do	you	base	your	conclusions.	
	
This	paper	should	be	a	properly	formatted	Microsoft	Word	document	and	posted	to	
the	Canvas	assignment	drop	box	no	later	than	Friday	at	midnight	on	the	due	date.		
	
You	may	embed	a	table	or	chart	constructed	using	Word	or	Excel	into	your	paper	for	
added	clarity.		All	sources	should	be	properly	cited	via	APA	in	text	and	listed	on	the	
reference	page.		As	a	guideline,	a	minimum	of	4	APA-compliant	sources	should	be	
used	for	this	assignment	(Wikipedia,	Investopedia	and	similar	websites	are	non	APA	
compliant).	Helpful	sources	for	this	assignment	can	be	found	in	your	text	or	the	
MSMU	library.	
	
Format	your	paper	consistent	with	6th	APA	guidelines,	spell	and	grammar	
checked.		A	cover	sheet	and	a	reference	page	are	both	required.	Please	review	the	
APA	Template	document	attached	here	(APA_Template.docx...

David · Accepted Answer

1 
 
Introduction 
There are various forms or structures of a market ranging from perfect competition to 
monopoly and similar other market types depending upon the nature, barriers, number of 
suppliers and buyers in the market, etc. In the paper, we will discuss these forms of market 
structure and explain its nature and other features with the help of example.
Perfect competition 
 In this market structure, there are many buyers and sellers in the market having perfect 
information about the market. The goods and services sold in the market are of homogeneous 
nature such as that of agricultural goods like Rice, Wheat, etc.in which it is quite difficult to 
distinguish the quality of the good. There are no barriers to entry and exit of the firms in the 
market which make the profits of the firms to be normal in the long run. This is because 
whenever firms start earning positive profits, more firms enter into the industry leading to fall in 
the price of the good and hence reduction in their profit level. The best approach to maximize 
their profits is to equate the price of the good with that of the marginal cost of production so that 
there will be no condition of paying additional amount from the pocket. Although, addition to the 
total cost will be equal to the addition to the total revenue which is nothing but price only. 
Hence, the incentive to entry and exit the firms drive down the profits of the whole industry to 
normal only where total revenue is equal to the total cost of the firms for production. The price 
elasticity of demand is too high in the market which makes the demand curve to be perfectly 
elastic and horizontal to the x-axis  (Pindyck, 2013).
2 
 
Figure 1
Monopoly 
 It is the type of market form in which there is only single seller in the market and buyers 
are too many.

MICROECONOMICS ASSIGNMENT: Ira Lovitch Market Structures Analysis For this assignment, you will write a XXXXXXXXXXword paper in which you evaluate the four market models or structures (Monopoly,...

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