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Differentiating Between Market Structures Table and Paper

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Running Head: Supply, Demand and Price Elasticity

Supply, Demand and Price Elasticity Team A Adrian Perez University of Phoenix ECO/212 - PRINCIPLES OF ECONOMICS Group ID: BSAH0R4CU8 ONLINE MAIN January 9, 2012 Supply, Demand and Price Elasticity Paper
InvestorWords.com (2012) defines a commodity as a “physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy or sell, usually through futures contracts” (InvestorWords.com, 2012).
Differentiating Between Market Structures Table and Paper
Resource: Market Structure Table
Complete the Market Structure Table located on your student website.
Write a 1,050 word paper addressing the following questions:
 Compare and contrast public goods, private goods, common resources, and natural monopolies.
 Explain how labor market equilibrium is affected by the supply and demand of labor.
 Select an organization with which you are familiar and identify the market structure of that organization. Describe the characteristics of the organization that make it a specific market structure. Evaluate the effectiveness of this structure for the organization.
 For your selected organization, summarize the factors that affect labor supply and demand.

Availability of qualified personnel effects both labor supply and demand. For example: A critical shortage of nurses in this country effects the supply of qualified nurses for positions available in hospitals, and the demand for qualified nurses to fill those slots. A shortage of nurses effects rate of pay. The greater the demand coupled with greater shortage of qualified applicants, the higher/more competitive the salaries for those positions.

The economy and demand for products and/or services effects both labor supply and demand. Sluggish economy and

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