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Each team member, other than the Team Leader, should select one of the five topics below. If a team has fewer than 6 members, you may leave off one or more topics so no one has to cover more than one. After selecting your topic and indicating your choice in the Team Discussion Forum, use the textbook and other sources to conduct your research, write your section, and edit your work (approximately 150 words in length). Follow the Team Leader's guidance regarding how and when to post your portion and when to approve the final version of the paper.
Topics to be addressed in the paper:
1) Compare the characteristics of perfect competition with the characteristics of monopolistic competition, citing examples of each.
2) When there are no significant barriers to entry, what happens in a market where economic profit is initially positive? Does competition always result in an efficient outcome in the long run?
3) Compare the characteristics of oligopoly with the characteristics of monopoly, citing examples of each.
4) What are barriers to entry? Describe some examples to illustrate. How do barriers affect consumers in the market for a patented prescription drug?
5) Which market model is prohibited under the Sherman Antitrust Act of 1890? Discuss why there are exceptions to this prohibition.
Team Leader: After combining the sections written by each team member, format the paper according to APA standards. Include a cover page and add an introduction and conclusion. Add section headings to separate each team member's contributions. Include properly-formatted citations on the last page. Post the final draft to be approved by each team member. Click the Assignment Files tab to submit your team's paper.