Pick a market of your interest (for example market for textbook, sneakers, housing, whatever you want). Would you classify that market as perfect competition, monopolistic competition, an oligopoly, or a monopoly? Explain your reasoning for that classification. Do the sellers in this market have much market power? What is their source of market power (or sources) (tip: see list of market power sources in chapter 13 and also in lecture notes)? Analyze some of the behaviors you see firms engage as they try to compete within the markett. Why are these behaviors in their self-interest? Do you think these behaviors are also in the social interest? Why or why not?
(tip: when thinking about what behaviors to write about start with the ones discussed in the book like price competition, price discrimination, strategic pricing, product differentiation, advertising, innovation, tactic collusion, mergers, expansion, rent seeking, signaling, etc…You can write about other behaviors if you want but those will be easiest as you can see how the were discussed in the book and then relate that to the market you chose.
Write an essay answering the question above. Your essay must have a minimum of 500 words. Be sure to use as much content from class as possible, as the goal is to demonstrate your knowledge of the principles of macroeconomics. Use the new terms you have been introduced to, refer to the new models you learned, reference specifics from textbook or video lectures…
To make your use of course content glaringly obvious, you must bold and underline and vocabulary, names, or terms from class. For example you could say “this is a good example of Adam Smith’s invisible hand theory and goes to show that with the right institutions the self interest can match the social interest.” There is not a required maximum or minimum name of terms to use, but if you look back at your essay and you only have 1 or two terms bold/underlined, it probably won’t get too many points.
To summarize the requirements are:
500 word minimum (That’s of content. Any other wordage like you name, date, etc… doesn’t count to the 500 requirement)
Bold and underlined course content
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