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Market Overview Of Caruthersvile Essay

1682 words - 7 pages

Market Overview of Caruthersville

Jeffrey Tarpley

ECO204: Principles of Microeconomics

Nicholas Bergan

October 7, 2013
Market Overview of Caruthersville

Jeffrey Tarpley

ECO204: Principles of Microeconomics

Nicholas Bergan

October 7, 2013

The town of Caruthersville Missouri has a diversified market structure on the local level. It has some businesses that supply products on a national level and even on the international level. The objective is to find what is presently here and what can be done to improve the business environment in Caruthersville.
Lets begin by looking at the types of market structures. A large number of buyers and sellers, ease of entry and ...view middle of the document...

Perfect competition would be a good way of describing the businesses that sell gasoline and alcohol. Going into business or exiting are rather easy to do in these types of retail business. The only type of barrier would be the license to operate the business. Alcohol sales require the approval of the City Council and licensing from the Division of Alcohol Control. Both of these types of businesses are profit driven. Any change in the price they pay for their product is directly passed on to the consumer hoping to gain more customers by having the lowest price in town.
The utility companies would most definitely be called a monopoly. The government has regulations that allow this to happen. These are in place to protect the consumer by establishing guidelines that the companies must adhere to and comply with. Protecting the consumer and providing a quality service is the reasoning with these regulations. Monopolies have to comply with government setting price and limits on their output. (Amacher & Pate, 2013, p. 10.2)
Monopolistic competition would include the clothing stores, lumber sheds, and specialty shops. These businesses provide a unique product to the customer and are generally the only place to find that certain brand or product. Since Wal-Mart opened its doors in the late 1970’s many of these types of businesses have slowly exited the market. The effect of Wal-Mart has had negative impact on small local business by forcing them to close their business. (Bonanno & Goetz, 2012, p. 296)
One of the local businesses that competes on a level other than the local level would be Trinity Marine Inc. This company has been established in this area since the mid-1960’s, although it has undergone a few name changes the business of building barges remains the same. Viewing this company on the larger scale puts it into the category of oligopoly. There are only five or six barges builders in the intercostal waterways network. This business is very much dependent upon the demand of its customers. The unrestrained production in the late 1970’s lead to an economic crisis in the industry during the mid-1980’s. (Flood, Islam, & Sterner, 2010, p. 5) This has led to a smaller number of barge builders and has promoted working closely with the buyers in order to keep production flowing constantly.
Trinity Marine has been able to stay productive in the long run and short run by updating the facility to one of the top three modern facilities in the United States. This has brought an increase in business and output during the years that are on the upside of the cyclic pattern of the barge industry. The labor force is another way that has helped Trinity to stay competitive. During slow times they will scale back on the numbers of employees and limit the number of hours of operation. The laid-off workers are able to draw unemployment compensation until they find another job or are called bask to work. (Amacher & Pate, 2013, p. 13.4) In...

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