Consider the market structure of the firm that employs you or a firm in your state.
a. Why is it important for a profit maximizing firm to consider market structure in determining the price and output of its product or service?
b. How do you determine the profit maximizing level of production in terms of price, marginal revenue and marginal cost for the firm you are considering?
c. Has the industry your workplace ever shifted market structures? Discuss. If you do not work at a private-sector firm, then you could discuss a workplace you are familiar with.