Economics

PART I

 

Directions: Write a 3 to 4 page APA-formatted paper in which you address the questions below. Use at least three cited references that are peer-reviewed sources. Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center for a guide on how to utilize LIRN successfully.

 

1. Choose four real-world companies, respectively one for each market structure type – Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition.

 

2. Explain why the companies fit in the respective categories.

 

3. Compare and contrast the four companies with regards to their market structure characteristics, including, but not limited to: barriers to entry, number of firms in the market, short-term and long-term profits, price elasticity of demand, etc.

 

 

PART II

 

In addition to the textbook readings, you watched hours of videos from experts in microeconomic theory at world class institutions. You have also read competing position papers from three major economists in the world today and Nobel Prize-winning theorists. Write a three page APA-formatted paper on the general competing theories between economists in today’s market as they relate to microeconomic theory. Who are the theorists, what do they posit, and how do they support their work? Be sure to use at least four sourced, peer-reviewed, and cited references in your work.

 

 

PART III: Reflection Essay

 

 

After watching the video from MIT this unit, write a one page summary about your primary take-away from Gruber’s video.

Solution:

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