1 Economy Students' Name Institution Instructor Course Date
2 Question 1 The most appropriate definition of the market structure in which my organization operates is oligopoly. Some sectors are characterized by oligopolies, in which a small number of firms control a disproportionately large share of the market (Acabado et al., 2020). In the transportation industry, for example, a small number of companies control a disproportionate part of the market. This poses both a challenge and an opportunity for my organization. Oligopolies provide an issue since they produce limited competition, making it difficult for new enterprises to enter the market. This is a possible barrier for my company since it will make it more difficult for us to compete with larger, more established organizations. The potential advantage of an oligopoly is that existing firms may collaborate for the greater welfare of the market. This might save my firm money by allowing us to combine our resources. Increased government participation may provide both challenges and opportunities for my firm. One disadvantage of government regulation is that it may make it more difficult for new enterprises to join and compete in the market. Alternatively, government subsidies and incentives would help my firm by facilitating the arrival of new rivals. There may be benefits and drawbacks to having less government participation. While less regulation would benefit small firms like mine, it would also make it easier for larger enterprises to dominate the market. On the other hand, if restrictions were relaxed, it may lead to more business in my sector. My firm operates in an environment that benefits from an oligopolistic market structure. Different levels of government engagement have advantages and disadvantages, but an oligopolistic market system has more advantages than disadvantages. Question 2
3 There are various ways for businesses to increase market economy efficiency via networks of independent freelancers (Scully-Russ, & Torraco, 2020). Businesses, for example, may offer their workers regular employment and pay checks. As a consequence, workers confront less risk and uncertainty when preparing for the future, allowing them to make more confident long-term investments. Companies also provide a more streamlined and methodical technique of producing and delivering their goods. As a result, companies may save money and pass those savings on to their consumers. We work in transportation. We provide a variety of services, including transportation (both persons and cargo), storage, and logistics. We can assist our customers save time and money by providing these solutions. We may benefit from economies of scale because of our substantial distribution infrastructure (including our truck fleet and storage). As a consequence, we can provide lower pricing and faster response times on all orders. Furthermore, we are able to give our employees with stable employment and income, reducing their financial risk.
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