Structure of Global Economic Markets
Not what you're looking for?
Examine the nature and structure of global economic markets. Describe the dynamics of factor markets and their role in creating value.
Purchase this Solution
Solution Summary
The structure of global economic markets are examined. The nature and structures are determined.
Solution Preview
There are four types of economic markets: perfect competition, oligopolies, monopolies, and monopsony:
1. Perfect competition occurs when there is no one company to set a price on a certain good because if the price is too high, the consumer can go somewhere else and purchase the good at a cheaper price.
2. Oligopolies are when a small number of sellers dominate an industry. A common oligopolistic market is the cell phone industry or the soft-drink industry. Equilibrium within this market is obtained because if you walk inside of a story like Walmart, all of the cell phones are within one particular section of the store and the same with the types of soft drinks.
3. In a monopoly, a company is not in competition with any other company because the company is the sole company with access to ...
Education
- Doctorate of Management in Organizational Leadership, University of Phoenix - Online
- MBA, Webster Univeristy
- Dual BS Degrees, University of South Carolina
Recent Feedback
- "Thank you"
- "Thank you so much! This helps me understand this a lot more. Thank you!"
- "Thank you."
- "Thank You, Keonda! Your response is very much appreciated."
- "Thanks!"
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Operations Management
This quiz tests a student's knowledge about Operations Management
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.