ECO 365 Week 4 Differentiating between

Topics: Supply and demand, Price elasticity of demand, Elasticity Pages: 2 (353 words) Published: November 23, 2014
University of Phoenix Material

Differentiating Between Market Structures Table

Compare the four market structures by filling in the table.

Perfect competition
Monopoly
Monopolistic competition
Oligopoly
Example organization
Ag Products
Pfizer
Circle K convenience Stores
Northrop Grumman-Technical Services Sector
Goods or services produced by the organization
Herbicides, fungicides, etc used to treat crops.
Pharmeceuticals, in particular, Viagra.
“Grab It and Go” items such as candy, sodas, ready to eat food, some small pantry staples and toiletries are marketed but not produced by the company. Services Sector- military administrative and maintenance support Barriers to entry

There are a few barriers to market entry. Acquiring qualified chemists for innovation may be a challenge. FDA approval time and opportunity is a barrier.
Very few barriers to entry except capital.
Barriers are that one must complete an extensive business background check and submit answers to RFP’s to earn the opportunity for business with the U.S. Government. These are very lengthy processes. Typically, one must have a track record of service to the Government to qualify to be a vendor. Number of organizations

Innumerable. PRNews lists the top 400 companies. (PRNEWS,2012) There are a number of pharmaceutical companies but Pfizer owns the patent on Viagra which allows them to keep the price where they wish it to be. There are numerous small organizations-Circle K is actually one of the larger ones. There are very few organizations in the Technical services arena. The top companies are Northrop Grumman, AE-Com, Raytheon and SERCO. Price elasticity of demand

Product is very price elastic.
Product is very price elastic. I would suspect that if there were a change in the price there would also be a corresponding change in demand.

The product is very price elastic.
Is there a presence of economic profits?
Yes, there is a presence of economic profits,...

References: http://www.prnewswire.com/news-releases/top-400-agricultural-chemical-manufacturers-global-146818905.html
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