The microeconomic market structure I would like my business to be in is a monopoly in the utility in Show more The microeconomic market structure I would like my business to be in is a monopoly in the utility industry. Using this business model to make the most amount of money over a long period of time without regard for service quality or competition could be interesting. Creating a company that could produce residual income with little effort is very appealing to the owner or its shareholders. Economies of scale will help the consumer save money when adjustments to internal cost are decreased. Once a monopoly was established you as a business owner could enjoy the benefits of no competition depending on the product you may be able to compete internationally. The down side for consumers is with the limiting of competition there could be a limit on innovation and this could affect quality for the consumer. Depending on where an individual is in their life they may be in business to strictly make money with little regard for everyone else if this is the case than a monopoly is the right type of business to have. It is important to note that individuals enter business for different reason all are generally to make money but some individuals do it for other reasons as well. They may start a business in a rural area as a farmer and due to the fact that they sell fruit or vegetables would find themselves in a perfect competition market structure. This market is fairly easy to enter there is lots of competition and the products are identical to each other between competitors. Others may start a restaurant business because they like food they like providing and making people happy and they like the day to day interactions with people. This business is just fine and would fit into the monopolistic competition structure. This business is different from the monopoly structured business because it doesnt run itself there is lots of competition quality & price must always be considered and if customers are not happy they can choose a different option. i need a peer replies for this discussion for atleast 200 words Show less

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