On the basis of the seven assumptions about market structure, analyze a Turkish industry (manufacturing or services). These seven assumptions are presented in the Power Point file Ch 07 IntroductiontoMarketStructures.pptx available on the course page. In your analysis, address each of the seven assumptions separately by discussing the selected industry’s characteristics. For each assumption, provide clear reasoning for your choice. As a result of your analysis, determine the market structure for the selected industry. Your report should be a minimum of 2 and a maximum of 3 typed pages. If you want to present additional printed material (other than your own discussions) about the selected industry, you may append them at the end of your document. You should use 12 point Times New Roman font and 1.5 line spacing. In your discussions, if you make use of references, be sure to state these sources in reference style at the end of your report. Please remember that use of print and non-print (internet) sources without showing proper reference is illegal. Also, please note that if the Turn-it-in software finds any level of similarity (1% to 100%) between your homework and any other document available on the internet, you will receive a grade of zero from this assignment and I will be forced to report the plagiarism incident to the Faculty Dean for disciplinary action. Please note that you may submit your homework at the Turnitin link on our course page only once. Resubmissions are not allowed.

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PRICE TAKERS PRICE MAKERS Pure Competition Monopolistic Competition Oligopoly Monopoly Structural Assumptions 1. Number of Sellers Many Many Few One No barriers to entry No barriers to entry Substantial barriers Insurmountable to en try barriers to entry 2. Cost Conditions Diminishing returns in the short-run cause MC to rise 3. Number of Buyers Many Many Many Many Oligopsony if only a few buyers Monopsony if only one buyer 4. Demand Conditions Very similar substitutes Close substitutes Identical substitutes No substitutes Behavioral Assumptions 5. Objective function Short-run profit maximization 6. Strategic variable Quantity Quantity and price Promotional efforts product design, distribution channels 7. Expectation of rivals' reactions None since an individual firm is so small relative to the market Rivals may ignore or match actions None since there are no substitu tes PRICE TAKERS PRICE MAKERS Pure Competition Monopolistic Competition Oligopoly Monopoly Structural Assumptions 1. Number of Sellers Many Many Few One No barriers to entry No barriers to entry Substantial barriers Insurmountable to en try barriers to entry 2. Cost Conditions Diminishing returns in the short-run cause MC to rise 3. Number of Buyers Many Many Many Many Oligopsony if only a few buyers Monopsony if only one buyer 4. Demand Conditions Very similar substitutes Close substitutes Identical substitutes No substitutes Behavioral Assumptions 5. Objective function Short-run profit maximization 6. Strategic variable Quantity Quantity and price Promotional efforts product design, distribution channels 7. Expectation of rivals' reactions None since an individual firm is so small relative to the market Rivals may ignore or match actions None since there are no substitu tes

Answer rating: 100% (QA)

The domestic steel industry or market in Turkey represents an interesting case to study the nature and characteristics of the overall market or industrial structure considering the microeconomic conce... View the full answer