[Answered] ECON312N -Week 3 Assignment: Essay – Competitive Market Structure

Course 

ECON312N Principles Of Economics

Required Resources
Read/review the following resources for this activity:

  • Textbook: Chapter 7, 8
  • Lesson
  • Minimum of 2 scholarly sources (other than the textbook and article noted in the instructions/references)

Instructions
For the assignment, address the following:

  • List and briefly explain the features of a perfectly competitive market structure.
  • How do firms in a perfectly competitive market determine price and profit-maximizing output levels? (Note: You will be building on your discussion post related to this question in the paper. Be sure to do more than just repeat what you stated in the discussion; instead, expand upon it based on feedback and dialogue and further research from our work this week.)
  • According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are “labor and goods, including pharmaceuticals and devices, and administrative costs” (Key Points section, para. 2). This (labor and goods as drivers of cost) occurs in higher education and in the arts as well. Imagine that you are the Chief Financial Officer (CFO) of a large medical facility, a higher education institution, or an arts organization (select one to frame your response). What cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining the quality of services?

Click on the link to read an excerpt from the article:

Link: Excerpt from Papanicolas, Woskie, and Jha (2018)

Writing Requirements (APA format)

  • Length: 2-4 pages (not including title page or references page)
  • 1-inch margins
  • Double spaced
  • 12-point Times New Roman font
  • Title page
  • References page (minimum of 2 sources)

Grading
The activity is will be graded using the W3 Essay Grading Rubric.

Course Outcomes (CO): 1, 4, 6, 7

Due Date: By Sunday, 11:59 p.m. Mountain Time (MT)

ANSWER

A perfect competitive retail is a retail that is identified with numerous purchasers including merchants with comparable items as well as part of the market . For example, like having no set  or separate deal costs more than original cost of the items. Further, a retailer may not have blockades of entrances and exiting, and amazing details regarding the price of an item is also made accessible so advertising it at a perfect competition retail. The organization of such a retail is seen as a  perfect competition because it has all the amazing things that indulge every competitor in the retail which makes work simpler and good for everyone that is focused in the retail; there is equity. The perfect competition retail calculates its costs and gains highest production size by placing and utilizing the order for a gaining-highest perfect competition company; like producing the level of output where Cost= MR = MC…….…..please click the icon below to purchase the answer at $10