Reference no: EM133366876
Question 1 Analyze how the market system allocates resources. Draw accurate conclusions about the role markets, prices, and competition in a market system. Use a demand / supply module to analyze price determination and the effects of government intervention in the marketplace (ex. Rent controls, minimum wage)
Objective of this Assignment: Compare the differences that exist between organizations that have a purely competitive market structure vs those that are monopolies.
For this discussion:
1. Think about a retailer that you have personally visited, that has the characteristics of a perfectly competitive market structure.
a. Provide the name and location of the retailer. If you use an online retailer, provide the website.
b. Give a description of the characteristics of this retailer providing reasons why it fits the characteristics of a perfectly competitive market structure.
2. Think about a retailer or organization that you have personally visited, that you feel is most closely related to a monopoly market structure.
a. Provide the name and location of the retailer. If you use an online retailer, provide the website.
b. Give a description of the characteristics of this retailer / organization providing reasons why it fits the characteristics of a monopoly market structure.
3. Now compare the perfectly competitive retailer you discussed in 1. Above to the monopoly you discussed in 2. Above.
a. Describe the different pricing strategies of each organization.
b. Describe how the government would interact differently with each organization.
Make sure to number and label your responses as they are above. For instance, label your response to the first part of the first question as "1a".
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