economics term paper

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Economics

Description

  • Students must prepare a three to four page typewritten double-spaced paper on a current macroeconomic topic that is pertinent to class material. This can be chosen from the textbook, newspapers, magazines, or current economics periodicals.
  • Students will be expected to analyze and evaluate the issue or topic and provide recommendations. Here are some sample topics:
  • Countries that do not believe in comparative advantage
  • How do people respond to economic incentives?
  • Stories of positive or negative externalities
  • What’s the best healthcare system in the world?
  • Examples of behavioral economics
  • Differences between monopolies, monopolistic competition, oligopolies, and the perfectly competitive market
  • Income inequality throughout the world
  • DO NOT PLAGIARIZE – IT WILL RESULT IN A 0

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Explanation & Answer

Attached.

Running Head: ECONOMICS TERM PAPER

Economics Term Paper
Institution Affiliation
Date:

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ECONOMICS TERM PAPER

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A market structure results after the interactions of firms in a certain industry. A firm
should recognize the market structure that is prevalent a certain sector before making a decision
to enter into the sector. The market structure exists because of factors such as demand and supply
and the number of participants in a particular sector. Different market structures also exist
because of government intervention. There are different types of market structure that exists in
an economy. Examples of the market structure include monopoly, monopolistic, oligopolies, and
perfectly competitive market.
Monopoly market structure is an imperfect market characterized by one producer and
many consumers. The producer in such a market has monopolistic power because he is the only
one with the product and there are so many consumers demanding the product. Monopoly market
structure has various unique characteristics. For instance, in this market, there is no other
producer that produces a substitute. So consumers cannot get any other product to satisfy the
same want. The firm has no close competitors and thus the firm enjoys the freedom of setting
prices. The firm in a monopoly experiences supernormal profits because it is the price maker and
it does not experience competition.
The new firms seeking to enter the sector face hindrances because of various entry
barrier...


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