Mgt 311 Week 4 Learning Team Assignment

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In this week’s learning team assignment Team B felt comfortable with comparing the various market structures and understanding their characteristics. We understand and feel comfortable with the fact that industries consist of firms making similar or identical products. We feel their market structure depends on the number of firms in the industry and how they compete. Team B discussed the four basic market structures discussed in this week’s objectives. The first market structure that we discussed was perfect competition which occurs when numerous small firms compete against each other. The second market structure that we discussed was the market structure known as monopoly. A monopoly occurs when a business has no competitors in their industry.

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