A Case Study Involving The Telecommunications Industry

Derek Hees American Military University ECON600 (Managerial Economics) 8/02/2015 Abstract Each firm that sells a product or service belongs to a certain market structure. In this paper I will analyze four of the main market structures that are involved in the world economy. Each market structure is unique to the type of product, the barriers for entering the market, and the pricing strategy. The final portion of this paper is a case study involving the telecommunications industry. Perfect Competition Perfect competition is the concept that for a given product or service, there are multiple providers that provide a similar product or service. No one company can truly control the market because there are multiple competitors creating the same product for the same price (Samuelson Marks, 2012). Price cannot be determined by a single company, the overall supply and demand for a product determines the price. In perfect competition perfectly elastic demand exists across competitors. 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