5MUS: ETAR Online Outcomes Activity (March 26, 2017)

For this week, the Outcomes Task is to produce an 8-10 minute skit. based on Market Structres.

By definition, the Market is the "space"where exchange of goods and services are conducted between producers/sellers and consumers/buyers.  It can be the wet market, the grocery, the sari-sari store, a stall by the street, or even Facebook and other areas of cyberspace.

These markets are structured and named basically from the number of sellers in a particular market.

Monopoly has only one seller, the rest have more than one.  The products whether goods or services also influence the number of sellers. Here products are classified as homogenous/undifferentiated (all sellers sell the same thing - usually unbranded), or heterogenous/differentiated (sellers sell differntiated products),  In a monopoly there's only one product.  In a pure competition, there's more than one or sometimes a lot of sellers, and they're selling almost the same thing, example is Tutuban tiangge of clothes.

Markets are further differentiated by how easily a new seller can enter that market to be a participant. For example monopoly is very difficult to enter, most of the time, it is actually impossible to enter that market and compete with the present monopolist.  The structure also creates effects on the price.

Your task is to analyze (based from the textbook: Chapter on Market Structure) the differences in each based on the four characteristics 1) number of sellers, 2) easy or difficulty for new seller to enter, 3) classification of product (homo or hetero), 4) effect of the structure to price.

Then produce an 8-10 minute skit showing all 4 structures.  Grades will be based on the rubric below.

Presentation will be on April 3, 2017 (Monday). Download and print the rubric for grading on presentation day, write member names at the back.

Each student should sign up at the comments section with your google account, write your name (surname, first name) to confirm understanding of the task, otherwise, post questions on the comment box, i'll reply with the answer so that we have a forum. Considered as attendance.

Each group should post their list of names on the comment box by March 29, 2017 (Wednesday). Considered as attendance.

Each group should write a brief decription of the skit in an MS Word file, and email it to rmcastillo@ust.edu.ph on Friday (March 31, 2017).  Considered as attendance.

UPDATE:  Groups can only have 7-8 members.