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RC Principles of Economics Market Structures Worksheet

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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. 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. Four types of market structures include: • • • • Perfectly competitive market structures; Perfectly competitive market structures possess the following characteristics: homogeneous goods and services, many buyers and sellers, similar vendors, price-takers, little to no barriers to entry, and a perfectly elastic demand curve. Monopolistic competitive market structures; Monopolistic competitive market structures possess the following characteristics: Differentiated goods, downward sloping demand curve, and little barriers to entry Oligopolistic market structures; Oligopolistic market structures possess the following characteristics: High barriers to entry, a few competitors in the market, similar goods and services, kinked demand curved, and heavily influence prices. Monopolistic market structures; Monopolistic market structures possess the following characteristics: High barriers to entry, only provider or producers of goods and services, price-maker, and downward sloping demand curve. Monopolists in theory set their prices at the price in which profits are maximized and then price is read from the demand curve. All four market structures maximize profits at the point in which marginal cost (MC) = marginal revenue (MR). Two predominate market structures in the United States are monopolistic competitive market structures and oligopolistic market structures. Below is a graph that represents both consumer and producer surpluses. The orange (red) triangle is represents consumer surplus and the blue triangle represents consumer surplus. Values to construct the graph above are given in the table below: Price Quantity Supplied Quantity Demanded 35 30 0 30 25 5 25 20 10 20 15 15 15 10 20 10 5 25 5 0 30 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 decreased from $20.00 to $15.00. Consumer surplus will increase and producer surplus will decrease. Consumer surplus is represented by the area above the equilibrium price and below the demand curve. Producer surplus is represented by the area below the equilibrium price and above the supply curve. Grading Rubric: Your project will be graded using the rubric below: F F C B A 0 1 2 3 4 Did Not No Pass Submit Failure to adequately state market supply and demand as well as market equilibrium or shortages and surpluses Competence Able to state what market supply and demand are as well as able to state market equilibrium and ability to state and explain market shortages and market surpluses Proficiency Mastery Able to state what market supply and demand are as well as able to state market equilibrium and ability to state and explain market shortages and market surpluses Also able to give examples of market supply and demand are as well as able to state market equilibrium and ability to state and explain market shortages and market surpluses Able to state and articulate what market supply and demand are as well as able to state market equilibrium and ability to state and explain market shortages and market surpluses. Also, able to give examples and articulate market supply and demand are as well as able to state market equilibrium and ability to state and explain market shortages and market surpluses
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