As a CEO I would prefer a monopoly market structure. The monopoly market structure is where only one seller or one firm is solely in control of the entire market. With such a market structure, the organization would have the freedom to set its desired price since it holds all the market control power ( Knight & McGee, 2015) . It means that the organizations would maximize on profits as consumers have to pay the price set to access the product or service. Researchers identify that a monopoly market structure would be difficult to achieve but numerous organizations across the world enjoy this type of structure ( Lábaj et al, 2018) . Like Con Edison, which enjoys monopoly in the provision of electricity, gas and water in the US; my firm would do well especially in terms of market influence and product/service provision if it was the sole holder of power in its respective market.
As a consumer I would prefer the perfect competition market structure. This structure provides room for large numbers of buyers and sellers. All sellers are somewhat on the same level power and influence and none will have more control of the market than the other. It would mean sellers provide similar products/services at a standard price thus providing me as the customer with many options ( Becker, 2015) . The structure would mean that as a consumer, I would not need to struggle looking for the product or service I need because sellers provide these in a similar manner. It would also mean that I would find a better service or product from another seller and therefore quality would be standard across the board. The perfect competition market structure would present consumer friendly prices for all products and services and this would also give equal chance to all sellers for customer access. To a great extent, this market structure would benefit me as the consumer and the sellers.
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References
Becker, G. (2015). Market Structure. Wiley Encyclopedia of Management , 1-2.
Knight, B., & McGee, J. (2015). Market Structure: The Analysis of Markets and Competition. Wiley Encyclopedia of Management , 1-2.
Lábaj, M., Silanič, P., Weiss, C., & Yontcheva, B. (2018). Market structure and competition in the healthcare industry. The European Journal of Health Economics , 19 (8), 1087-1110.
