Differentiating between Market Structures:
In this simulation, the learner studies the cost and revenue curves in different market structures perfect competition, monopoly, monopolistic competition, or oligopoly faced by a freight transportation company, and makes decisions to maximize profits or to minimize losses. The simulation also deals with the concept of Prisoner's Dilemma and the price war scenario in a duopoly.
Need some assistance in summarizing the content of this simulation according to the following questions: (at least 700 words)
Question 1. What are the advantages and limitations of supply and demand identified in the simulation
Question 2. Select an organization and identify the market structure for the organization.
Question 3. Analyze how organizations in each market structure maximize profits.