Week 3 Reflections

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Team B – Week 3 Reflections

ECO/365 – Week 3

Team B – Reflections

This week was very informative and interesting for me, I have learned a lot from this week. This week has helped me in comparing various market structures and their characteristic, along with evaluating the effectiveness of competitive strategies within market structures. Furthermore, this week has helped me in determining profit-maximizing strategies based on market structure analysis. Some of the most interesting things learned were the examples of monopolistically, oligopoly and monopoly. Keeping the concepts of Monopoly, oligopoly and perfect competition straight has proven to be a real challenge. The amount of information presented is overwhelming at times. I had to step back and reread several sections repeatedly to ensure a clear understanding. The side-by-side comparisons of market structure was very helpful and presented in a manner that was clear and concise, promoting a better understanding of their differences. Monopolistically would be coffee shops there is a lot of different coffee shops in one area each coffee shops offers certain specialize different from the other shops. An oligopoly would be vet office with only a few in a certain locations. An example of monopoly market would be a telephone company that is assigned to a certain area. A monopoly is a company that rules a location but if priced to high from competitors can lose if monopoly. When firms consider profit-maximizing strategies it is important to look at the short-term and long-term processes of product output. When doing this, one needs examine the different types of competition. Any market types of competition will affect a company’s marginal revenue and marginal costs. A monopoly can control the market of certain goods or service, and a phone company is an example of this. Phone companies often are the only supplier, so they have no competition and set their prices as...
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