Rosa FloresWEEK 4 ECO 365

Rosa FloresWEEK 4 ECO 365 - Market Structures Simulation 1...

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Market Structures Simulation Market Structures Simulation Rosa Flores University of Phoenix Principles of Microeconomics ECO/365 Watson Ragin January 12, 2010 1
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Market Structures Simulation Four Market Structures Perfect Competition Monopoly Monopolistic Competition Oligopoly Example of organization Publix Supermarkets Withlacoochee River Electric Cooperative Comp USA American Airlines Goods or services produced by the organization Groceries, pet supplies, financial services, household items Dominate the electricity market in almost all Florida. A very small portion is left to Teco. Electronics like pc, radios, scanners and televisions. Supplies for electronics. Air Travel Barriers to entry no barriers to entry; market consist of buyers and sellers High barriers to entry. Few Barriers Difficult entry barriers because of the limited licenses issued by government. Number of organizations Large number of buyers One Several producers. Several producers. Price elasticity of demand Perfectly Elastic Price Elasticity almost zero. Price Elasticity is more than one but not perfectly elastic. Above the kink, elastic, and below the kink inelastic. Economic profits (yes or no) Yes no Yes Yes. Market Structures Simulation 2
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Market Structures Simulation The simulation had various cases that help give an idea on how to distinguish between the market structures. The company East-West, is a cargo shipper working in a business that comes across diverse market structure options based on operations. The four market structures explored throughout the simulation were perfect competition, monopoly, monopolistic competition, and oligopoly. East-West Transportation ranks of production are railroad and road transport; with business in the eastern sections of the United States. East-west Transportation association covers
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Rosa FloresWEEK 4 ECO 365 - Market Structures Simulation 1...

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