Differentiating Between Market Structures
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Running head: DIFFERENTIATING BETWEEN MARKET STRUCTURES
Differentiating Between Market Structures Team Paper
Team A: Dorothy, Kimberly, Leon, Louise, Tavitha
University of Phoenix
ECO/212
Gampi Shankar
May 31, 2010
Differentiating Between Market Structures Team Paper
In order to differentiate between market structures, the first thing to do is define market structures. A market structure in regards to economics is known as the number of firms producing identical products. The four market structures that were researched on the table are perfect competition, monopoly, monopolistic competition, and oligopoly. Each one can tell if a business is in a large firm or a small firm, and it can also show the demand for the product that the firm is marketing. This paper will compare and contrast, public goods, private goods, common resources and natural monopolies. It will also discuss how supply and demand affects labor market equilibrium. Microsoft is an organization that affects labor supply and demand.
The public good is in nothing more essentially interested, than in the protection of every individual's private rights” (William Blackstone, English Jurist, 1723-1780) Blackstone refers to moral responsibility in this quote, but the underlying meaning is the same when products and services, like national defense or public fireworks displays are allocated to the public by the government to make sure that no one is excluded from these services. These goods are non-rival because everyone has the same opportunity to have them, (Public Goods, 2004) whereas private goods are available to those who can pay for them, making them rival in consumption and excludable. (Wiley, 1995)
Common resources like clean air, water, and parks are similar to public goods in that they are free to everyone (Stern, 1978). Protection of these resources however, sometimes involves payment by the public in the form of taxes to the government. Natural monopolies are also goods that are...
Differentiating Between Market Structures Team Paper
Team A: Dorothy, Kimberly, Leon, Louise, Tavitha
University of Phoenix
ECO/212
Gampi Shankar
May 31, 2010
Differentiating Between Market Structures Team Paper
In order to differentiate between market structures, the first thing to do is define market structures. A market structure in regards to economics is known as the number of firms producing identical products. The four market structures that were researched on the table are perfect competition, monopoly, monopolistic competition, and oligopoly. Each one can tell if a business is in a large firm or a small firm, and it can also show the demand for the product that the firm is marketing. This paper will compare and contrast, public goods, private goods, common resources and natural monopolies. It will also discuss how supply and demand affects labor market equilibrium. Microsoft is an organization that affects labor supply and demand.
The public good is in nothing more essentially interested, than in the protection of every individual's private rights” (William Blackstone, English Jurist, 1723-1780) Blackstone refers to moral responsibility in this quote, but the underlying meaning is the same when products and services, like national defense or public fireworks displays are allocated to the public by the government to make sure that no one is excluded from these services. These goods are non-rival because everyone has the same opportunity to have them, (Public Goods, 2004) whereas private goods are available to those who can pay for them, making them rival in consumption and excludable. (Wiley, 1995)
Common resources like clean air, water, and parks are similar to public goods in that they are free to everyone (Stern, 1978). Protection of these resources however, sometimes involves payment by the public in the form of taxes to the government. Natural monopolies are also goods that are...