ECO204 Final 5 - Final Paper
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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:
- Long-run profitability of the firms
- Cost efficiency of the firms in the industry
- Likelihood that some inefficient firms will survive
- 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?
The Market Structures Final Paper
- Must be eight to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center (Links to an external site.)Links to an external site..
- Must include a separate title page with the following:
- Title of paper
- Student’s name
- Course name and number
- Instructor’s name
- Date submitted
- Must use at least five scholarly sources from the Ashford University Library in addition to the course text.
- Must document all sources in APA style as outlined in the Ashford Writing Center.
- Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.
Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.