Explain why the companies fit into the respective categories- Microeconomics
PART I
Directions: Please respond to the questions below. Your submission must two to three pages in length and utilize APA format. You must use at least three peer-reviewed sources and cite your references in APA format. Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center (ARC) for a guide on how to utilize LIRN successfully and for APA guidelines.
1. Choose four real-world companies to represent each market structure type: perfect competition, monopoly, oligopoly, and monopolistic competition.
2. Explain why the companies fit into the respective categories that you have chosen.
3. Compare and contrast the four companies in regard to their market structure characteristics, including but not limited to: barriers to entry, number of firms in the market, short-term and long-term profits, price elasticity of demand, etc.
PART II
In addition to the textbook readings, you watched hours of videos from experts in microeconomic theory from world-class institutions. You have also read competing position papers from three major economists and Nobel Prize-winning theorists. Write a paper about the general competing theories between economists in today’s market as they relate to microeconomic theory. Who are the theorists, what do they posit, and how do they support their work? Be sure to cite at least three peer-reviewed sources in addition to the videos. Your essay must be at least two pages in length and utilize APA format.
