Wednesday, May 6, 2020

A Case Study Involving The Telecommunications Industry

Derek Hees American Military University ECON600 (Managerial Economics) 8/02/2015 Abstract Each firm that sells a product or service belongs to a certain market structure. In this paper I will analyze four of the main market structures that are involved in the world economy. Each market structure is unique to the type of product, the barriers for entering the market, and the pricing strategy. The final portion of this paper is a case study involving the telecommunications industry. Perfect Competition Perfect competition is the concept that for a given product or service, there are multiple providers that provide a similar product or service. No one company can truly control the market because there are multiple competitors creating the same product for the same price (Samuelson Marks, 2012). Price cannot be determined by a single company, the overall supply and demand for a product determines the price. In perfect competition perfectly elastic demand exists across competitors. This means that a firm cannot decide to raise prices indiscriminately because their customers will abandon them for their competitors. This also means that every competing firm in the market is a price taker. A price taker has such a small role in the supply and demand of a product that they must accept the price determined by the market. The competitors must sell the product for relatively the same price. Inversely the consumer must accept the price of the product becauseShow MoreRelatedThe Legal Treatment Of Interns1179 Words   |  5 Pageswe consume every day, specifically in the area of Telecommunications. With this growth, it is critical to train software professionals and ensure they masters the understanding, handling and servicing of these complicated systems (Santos Soares, 2013, p. 1055). Internships, if designed correctly, could be the perfect tool to accomplish this. 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