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No cover page needed
Competency
Develop an understanding of how markets structur
No cover page needed
Competency
Develop an understanding of how markets structures determine prices under pure competition and varying degrees of market power.
Instructions
Compose a 5-page, double-spaced, 12-font paper with a detailed comparison/contrast of the perfectly competitive, price-searcher with low entry, and price searcher with high entry. Be sure to include the following points in your discussion:
The number and market power of the buyers/sellers, and how these markets have developed as competitive or monopolistic
How price is determined in each, and the sellers’ ability to control price
The able to price discriminate and the potential benefit of price discrimination
Level of economic profit that can exist in each, and what happens when the economic profit for a firm in these markets becomes negative
What forces will limit the ability of a market to be competitive, i.e. what allows monopolies to form and continue to exist
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