- Description
ECO 365 Week 4 Differentiating Between Market Structures
You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in the market in which the product you wrote about in Week 3 is sold. You will evaluate the differences between market structures and identify competitive strategies consistent with the market structure that best aligns with the market in which your product is sold. You will assess how market structure positively and negatively affects your ability to earn an economic profit over time and evaluate the effectiveness of the organization’s competitive strategies.
Select a product from the products each of you wrote about in Week 3.
Identify the market structure in which this product is sold. Using the definitions in your readings, clearly indicate why you chose that particular market structure. Be sure to explain why you did not select three of the four following market structures:
- Oligopoly
- Perfect competition
- Monopoly
- Monopolistic competition
Identify three or more competitive strategies that you can use to maximize your profits over the long run. Evaluate the effectiveness of these strategies in the market structure you identified. Consider the following:
- Expected changes in supply and demand
- Price elasticity of demand
- Market structure
- Government regulations
Make recommendations related to the strategies you might consider to maximize your profits and consider the following:
- What are the ethical implications of these strategies?
- Does this strategy align with your own values?
Cite a minimum of 3 peer reviewed sources.
Write a 1,400- to 1,750-word paper.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.