need help with my micro economics class

Question 1. Market theory

Choose one market from your everyday experience (coffee market, bread market, cell- phone market, etc. Come up with your option). Name 2 factors that are shifting the demand and 2 factors that are shifting the supply on this particular market. Is the good produced and consumed on this market a normal or inferior good and why? Does the good have close substitutes? Can you think of compliment goods for this good?

Question 2. Perfect competition

Pick one arbitrary market (industry). Discuss whether all the properties of the perfect competition hold or not, give a detailed explanation why yes and why not:

1. Price taking. Can firms influence the price with their actions
2. Homogeneity of products. Are the products on the market sustainable? Are they perfect substitutes?
3. Free entry. Can new firms freely enter the market?

Teacher comments: These questions are discussion questions, there are no single correct answer, the answer will depend on the market you choose. I will look at you logic and evaluate it.

 

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