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Economics - Market Structure, Essay

With chapter 10, we conclude our unit on market structures. This is a method of describing characteristics and analyzing different aspects of a market. To determine this, we ask: how many buyers and sellers are in the market, whether the product is uniform (a commodity) and if there are barriers to entry. For your discussion assignment describe a general product your use or are familiar with. Go down the list and discuss the answers to the market structure questions: numbers of buyers and sellers (if you can obtain specific numbers, you can generalize: few, many, very many, etc), who are the buyers and sellers, product standardization and barriers to entry. Do not pick too narrow of a market. For example, if you select the iPhone 7 as your product… well, a 128 GB iPhone is pretty similar to the next 128 GB iPhone on the shelf. A better selection would be “cell phones” and you could discuss the similarities and differences between different brands. Other general categories are clothing, soda, bottled water, video game consoles, televisions, etc. Review Exhibit 9 on page 162. After discussing buyers/sellers, product differences and barriers to entry, evaluate which market structure comes closest to your selected product and defend your answer. Your initial post should be at least 200 words and is due by 11:55 PM Wednesday. You should read all other student’s posts and respond to at least two posts. Responses should be at least 5 sentences and move the discussion forward. Saying “I agree” or “good post” does not count as a sentence – you must explain your position. You can also follow-up to other student’s responses and discuss the issues back and forth. Your follow-ups/responses are due by 11:55 PM Friday.
With chapter 10, we conclude our unit on market structures. This is a method of describing characteristics and analyzing different aspects of a market. To determine this, we ask: how many buyers and sellers are in the market, whether the product is uniform (a commodity) and if there are barriers to entry. For your discussion assignment describe a general product your use or are familiar with.
Assignment ID
422064
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CREATED ON
6 March 2018
COMPLETED ON
7 March 2018
Price
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