Competitive Market Structure

ECON312N Principles of Economics

Week 3 Assignment  

Essay – Competitive Market Structure

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)

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