2.4 Assignment: Turnitin-Market Structure Organization
Getting Started
In this assignment you will learn about market structures (the environments in which firms operate) and study the four different market structures.
Upon successful completion of this assignment, you will be able to:
· Evaluate different market structures, including their similarities and differences.
· Categorize firms into the appropriate market structure.
Resources
· Textbook: Economics for Managers
· Media: Perfect Competition
· Media: Different Market Structures
· Media: John Deere
· Media: Chick-Fil-A
· Media: Duke Energy
· Media: Facebook
· File: Market Structure Table.docx
Background Information
A study of market structure integrates the demand and pricing materials with the production and cost issues from earlier workshops.
Instructions
1. Review the rubric to make sure you understand the criteria for earning your grade.
2. In Economics for Managers, read:
a. Chapter 7, pp. 170–178
b. Chapter 8, pp. 196–210
c. Chapter 9, pp. 230–237
3. Review the characteristics of the different market structures presented in Table 7.1 of Chapter 7 in Economics for Managers.
4. View the following media:
b. Different Market Structures
5. Below are four companies operating in the United States today. Using your knowledge of market structures, attempt to classify each of the companies as either perfect competition, monopolistic competition, oligopoly, or monopoly. Provide rationale for each of your assessments and explain why you chose one particular market structure over another. Additional information is provided alongside each of the firms. Make sure you discuss the level of pricing power they exercise in the marketplace.
a. John Deere
b. Chick-Fil-A
c. Duke Energy – Cincinnati, Ohio Service Area
d. Facebook
6. Download the Market Structure Table.docx file.
7. Using this file, evaluate each business:
a. Fill in each box for all four firms. In the last row of the table, determine the market structure, or if it is a multi-divisional structure, the market structure for each of its major units for each of the four firms. Your answers should be thorough and demonstrate clear, insightful critical thinking.
b. Immediately after the table, write a 400- to 600-word response that compares and contrasts the four firms. How are the firms the same and how do they differ? Provide a detailed response that shows clear, insightful thinking in your determination of the market structure of the firm.
8. Use proper spelling, grammar, and APA formatting. Cite at least two sources for each of the four firms. These sources should be scholarly, peer-reviewed, or from a reputable periodical on business or the industry.
9. When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop. (Turnitin enabled).
Access the Assignment submission page