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2 pages/≈550 words
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Style:
MLA
Subject:
Mathematics & Economics
Type:
Essay
Language:
English (U.S.)
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Topic:

Market Structure - Behavior of Firms. Principles of Microeconomics

Essay Instructions:

Principles of Microeconomics
Purpose: relate the concept of market structure to real world situation.
1. List the four market structures and give an example of a firm that fits each category. Write the name of a specific firm; it should be a real company, not one that is hypothetical, and explain why the firm belongs in that category.
2. What products or services does the firm sell? If the firm sells a wide variety of goods, choose a single item to answer the following questions.
3. What other firms compete with this company? Are there many competitors, only a few, or none?
4. Do the competing firms sell exactly the same product, or does each company produce goods with special characteristics?
5. If helpful, organize 1-4 in a table format followed by a narrative explaining the information compiled in the table.
Response length: not to exceed TWO pages.
Submission Format: Typed regular space to be handed in in class or sent electronically as an attachment to professor.

Essay Sample Content Preview:
Name
Instructor
Course
Date
Market structure - behavior of firms
Four Market structures
Perfect competition/ Competitive Markets
In perfect competition, the market has many buyers and sellers trading similar or identical products where each buyer and seller is a price taker. Welch’s is an example of a company in a competitive juice market.
Monopoly
A monopoly is a firm that is the sole seller of a product and there are no close substitutes. This mostly occurs when there are high barriers of entry because of monopoly resources, Government regulation and the production process .Bayer-Monsanto is an example of a monopoly and after Bayer acquired Monsanto and the agrochemical and agriculture biotechnology company is dominant in many countries
Monopolistic Competition
In the market structure there are many sellers selling differentiated products that are similar but not identical. For instance, Chipotle Mexican Grill operates in this market structure and there are other different restaurants .
Oligopoly
An oligopoly is a market structure where only a few sellers of a product and they offer similar or identical products. An example is the automobile industry with a company such as General Motors (GM).
Products sold
Welch’s mostly sells and distributes juices and juice cocktails and the company’s other products are jams, jellies, snacks and spreads.
Bayer-Monsanto sells various products including food products, women's healthcare and food supplements, and agrochemicals, but high yielding seeds make the company unique in the agricultural sector.
Chipotle Mexican Grill mainly s...
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