Monopolistic Competition and Oligopoly
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Prior to beginning work on this discussion, read Ellen Martin’s article, The Ethics of Big Data. Also read chapters 9, 10, and 11.
Based on the article’s content, respond to the following:
Describe the microeconomic principles being used. What is the impact for demand?
Evaluate the different market structures that big data benefits the least and the most from.
While data collection may benefit the business community, discuss the concerns for consumers as big data proliferates.
To answer this part of the question, it is necessary to know the different features of each market structure. The four market structures are: 1) perfect competition, 2) monopolistic competition, 3) oligopoly, and 4) monopoly. Each market structure is defined by its characteristics. Chapter 9 discusses Perfect Competition, Chapter 10 discusses Monopoly, and Chapter 11 discusses Monopolistic Competition and Oligopoly. The characteristics of the different market structures are summarized in: Chapter 11, section 11.6, “Market Structures in Review.”
But, for the discussion questions, I require that you include the section number where you found your answers. For example: (Amacher & Pate, 2019, section 2.3).
Use this references for the chapters provided:
Amacher, R. and Pate, J. (2019). Principles of microeconomics (2nd ed.). Retrieved from https://content.ashford.edu
Martin, E. R. (2014, March 27). The ethics of big data
(Links to an external site.)
. Forbes. Retrieved from https://www.forbes.com/sites/emc/2014/03/27/the-ethics-of-big-data/#31acdbde6852
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