Assignment 3

Anonymous
timer Asked: Jul 6th, 2018
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Question description

Your task is to complete all assigned questions to the best of your ability. Best of luck!

  1. What are the four different types of market structures?
  2. In two or more sentences provide at least 3 or more characteristics that separate a perfectly competitive market structure from a monopolistic market structure?
  3. Which type of market structure has differentiated goods and services?
  4. Identify at least one market structure that is predominant in the United States?
  5. At what point do all four market structures maximize profits?
  6. In one to two sentences explain, how a monopolistic market structure determines its optimal price and quantity?
  7. Which type of market structure faces a perfectly elastic demand curve?
  8. In two or more sentences, explain the difference between consumer surplus and producer surplus?
  9. Given the graph below explain which triangle color represents consumer surplus and which triangle color represents producer surplus.


  10. Values to construct the graph above are given in the table below:

Price

Quantity Supplied

Quantity Demanded

30

30

0

28

25

5

26

20

10

24

15

15

22

10

20

20

5

25

18

0

30

  1. Given the graph below, in one to two sentences, state whether consumer surplus will increase or decrease and state whether producer surplus will increase or decrease, if the price was increased from $24.00 to $28.00.

Credit by Assessment Module 4 Your task is to complete all assigned questions to the best of your ability. Best of luck! What are the four phases of the business cycle? Which phase of the business cycle would be the best time to purchase a large ticket item? How do you calculate the labor force participation rate? Who is accounted for in our country’s labor force? How is our country’s unemployment rate calculated? In one to two sentences, please define the term, “full employment?” In one to two sentences, what is a discouraged worker? What are the four types of unemployment? Which type of unemployment is the direct cause of our country (economy) contracting? In one to two sentences, please define, inflation?
Your task is to complete all assigned questions to the best of your ability. Best of luck! 1. What are the four different types of market structures? 2. In two or more sentences provide at least 3 or more characteristics that separate a perfectly competitive market structure from a monopolistic market structure? 3. Which type of market structure has differentiated goods and services? 4. Identify at least one market structure that is predominant in the United States? 5. At what point do all four market structures maximize profits? 6. In one to two sentences explain, how a monopolistic market structure determines its optimal price and quantity? 7. Which type of market structure faces a perfectly elastic demand curve? 8. In two or more sentences, explain the difference between consumer surplus and producer surplus? 9. Given the graph below explain which triangle color represents consumer surplus and which triangle color represents producer surplus. 10. Values to construct the graph above are given in the table below: Price Quantity Supplied Quantity Demanded 30 30 0 28 25 5 26 20 10 24 15 15 22 10 20 20 5 25 18 0 30 10. Given the graph below, in one to two sentences, state whether consumer surplus will increase or decrease and state whether producer surplus will increase or decrease, if the price was increased from $24.00 to $28.00.

Tutor Answer

Tutor.Leal
School: UC Berkeley

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Assignment 3
1. What are the four different types of market structures?





Monopolistic market structures characterized by high barriers to entry, price-makers
and a downward sloping demand curve.
Oligopolistic market structure characterized by high barriers to entry, few
competitors, and similar goods and services.
Perfectly competitive market structure with many buyers and sellers, homogeneous
goods, little to no barriers to entry, price-takers and a perfectly elastic demand curve.
Monopolistic competitive market structure characterized by little barriers to entry,
differentiated goods and ...

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Anonymous
Excellent job

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