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Week 4 Assignmnet 1

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Week 4 Assignment 1 Discussion
Taylor Dean
Principles of Macro-economic ECO2071 SOL
South University Online
Professor Joseph Brandt
May 13, 2016

1. Using Template A, construct a table that describes the various characteristics of each market structure. | Perfect Competition | Monopolistic Competition | Oligopoly | Monopoly | Number of Firms | Many sellers | Many sellers | Few large sellers | One seller | Pricing Decisions | Firms are price takers | May have some control as the product is slightly different | Have price control; however depends on its rivals | Have price control | Output | Optimal output | Slightly lower than perfect competition as the demand curve is downward sloping | Lowers output for higher profit | Produces less | Decisions | Depends on the market | A little independent | Depends on its rivals | Depends on itself | Profit | Normal | Abnormal | Abnormal | Depends on itself | Demand Curve | Horizontal | Downward sloping | Kinked | Downward sloping | Ease of Entry | Easy to enter and exit | Easy to enter and exit | Difficult many barriers are presented | Not possible, as they hold a patient of government permit | Product Differentiation | Homogenous | Differentiated products | Homogenous and sometimes differentiated | Single seller, therefore, a unique product |

2. Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.
Perfect competition: All the agricultural commodities like rice, wheat, milk etc.
Monopolistic competition: Private schools, plumbers, lawyers, etc.
Oligopoly: automobiles (Mercedes Benz, BMQ, Toyota, Chevy, etc.)
Monopoly: patented products, copy righted acts; for instance, Harry Potter book series by JK Rowling.

3. Using Microsoft Excel, construct a graph for each of the market

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