Week 4 Discussion 1 market structures
Read the article, “The Ethics of Big Data”. Based on the content presented in the article, describe the microeconomic principles being used, in other words what is the impact for demand? List the different types of market structures that big data benefits the least and benefits the most. While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big data. Respond to at least two of your classmates’ posts.
After reading the article “The Ethics of Big Data” I felt that the microeconomics principles that were being used in this article were monopolistic competition and oligopoly. The different types of market structures that big data benefits the least are a monopoly. The reason why I think that this would not benefit a monopoly is because they are the only business in that industry. A monopoly is a “market structure in which there is a single seller of a product that has no close substitutes” (Amacher & Pate, 2013, Glossary). The different types of market structure
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