Economics Team Reflection

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Week Three Team Reflection As week three draws to a close, Learning Team C discussed the learning objectives. The team covered the different types of market and their characteristics, how to evaluate the effectiveness of competitive strategies, and profit-maximizing strategies. As with previous weeks, there were some struggles to understand the topics, but through classroom interactions with others, team members overcame these obstacles. The first learning objective that Team C tackled had members comparing various market structures and their characteristics. We all agree that the different market structures are: monopoly, oligopoly, monopolistic competition, and perfect competition. Team member Cody Martin described these market structures perfectly when he wrote: Monopoly is when a company is the only one in the market with no competition. This creates a significant barrier to entry for others. Oligopoly is when there are few competitors in the industry in which pricing decisions are important to remain competitive. Monopolistic competition is when there are many companies in the market in which the companies operate based on output and product differentiation. The differentiation creates the strategy to become top competitor in the industry. Perfect competition is where there are an infinite number of competitors in which every little detail is how the competitor remains in control. Next, Team C evaluated the effectiveness of competitive strategies within market structures. Team members felt comfortable with this particular objective, especially Sonya Marion who deals with the subject on a daily basis. Because the market structures are different, each has its own way to determine the best strategies to remain competitive. While monopolies do not really have to worry about competition, firms based upon the other structures do. Firms that qualify as
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