Economics Paper: Differentiating Between Market Structures 1400 words – Business Finance 2023

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Economics Paper: Differentiating Between Market Structures 1400 words – Business Finance

You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the organization’s ability to earn an economic profit over time and evaluate the effectiveness of the organization’s competitive strategies.

 

This paper will be written on the oil industry and specifically Shell Oil corporation.

 

 

Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon and how this market structure differentiates from the other alternatives. 

Describe the level of competition the organization will face if under each of the following market structures: 

  • Oligopoly
  • Perfect competition
  • Monopoly
  • Monopolistic competition

Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the effectiveness of these strategies in the market structure you identified. Consider the following: 

  • Expected changes in supply and demand
  • Price elasticity of demand
  • Market structure
  • Government regulations

Make recommendations related to the strategies the organization might consider to maximize its profits and consider the following: 

  • What are the ethical implications of these strategies?
  • Does this strategy align with the organization’s current values?
  • Does this strategy align with your own values?

Cite a minimum of 3 peer reviewed sources.

Write a 1,400- to 1,750-word paper. 

Format consistent with APA guidelines.

Breakdown Paper into the following paragraphs and be sue to answer the questions:

 

Introduction With Thesis statement.

 

Industry, Organization and Market Structure

 

Level of Competition under Oligopoly, Perfect competition, Monopoly & Monopolistic competition

 

Three competitive strategies to maximize profits – supply and demand, price elasticity of demand, market structure and government regulations

 

Strategy recommendations –  ethical implications, alignment to organizational and personal values

 

Conclusion 

You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry