Different types of market structures

Assignment Help Business Economics
Reference no: EM13684233 , Length: 2700 words

Question 1:

Since the recent Great Recession of 2007-2009, there has been increasing disillusionment with the free market system. Briefly define "free market system" and identify and describe at least three of its major concepts or attributes. Then, critically analyze the view that the free market system is the best and only realistic alternative for determining the allocation of resources in an economy. Provide evidence to support your analysis.

Question 2:

Every society, regardless of its wealth and power, must make certain choices about production and distribution. Specifically, every society faces three basic economic decisions:

What goods and services to produce and in what quantities?

How to produce these goods and services, or how to use the economy's resources?

Who gets these goods and services

Briefly explain how these questions are answered in your country. How does the availability of resources in your country influence the economic decisions fo individuals, organizations, and government?

Question 3:

Evaluate the economic efficiency of different market structures and their effect on consumers. To answer this question:

1. Explain market efficiency

2. Identify and distinguish between the different types of market structures; compare and contrast the similarities and differences between their characteristics

3. For each market structure, provide an industry example and evaluate the economic efficiency of each (market structure) and the effect of each (market structure) on the industry's consumers.


Write a paper answering above three questions in word Limit- 2500 - 3000 words

Verified Expert

Reference no: EM13684233

GDP deflator is better than the CPI at reflecting the goods

The GDP deflator is better than the CPI at reflecting the goods and services bought by consumers. The CPI is better than the GDP deflator at reflecting the goods and services

Affects the consumption pattern for goods and services

Select a specific consumer behavior and construct that highlights the workings of marginal utility and how it affects the consumption pattern for goods and services. Using the

Marx provide on understanding why inequality exists

In the United States, the distribution of income is more equal than the distribution of wealth. Explain this idea and address how reducing inequality could be a macroeconomic

What is the firms total cost of producing

A firm is currently producing 50 units of output. At this level of output produced, its average fixed cost is 90 (AFC=90) and average variable cost is 140 (AVC=140). What is t

Explore one of sophisticated alternative pricing techniques

Explore one of the sophisticated alternative pricing techniques (i.e. price discrimination, price bundling, etc.) and provide an example of how it is used. What are some const

Interested in ethanol produced from corn

Consider our basic resource formula: St+1 = St − Qt + ?S. Suppose that we are interested in ethanol produced from corn. How should we define the variables in the formula for a

Simply use the exchange rate to make conversion

How large is economy of India? Indian GDP in 2010 was 78.9 trillion rupees,while U.S GDP was $14.5 trillion. The exchange rate in 2010 was 45.7 rupees per dollar.  What is the

Important element in computing

Cloud Computing is a very important element in computing when it comes to data storage. Write a report on Cloud Computing clearly explaining it in detail and what in entails


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd