Assignment:
Introduction
In this paper, you will apply what you have learned to the firm or business you selected in order to see how the concepts can be applied to a business situation.
Keep in mind that throughout this course, papers are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between your chosen firm (which could include the economic environment of your chosen firm, the markets in which your chosen firm interacts with outside actors, the decisions your chosen firm makes, etc., depending on the particular question), the material from the chapters we covered in the week, and, when applicable, your own experience.
Activity Instructions
For the particular firm/business you selected, describe the markets in which the firm participates that are close to perfectly competitive. Note that for most firms that students choose, the market for the firm's output is not perfectly competitive-it more resembles monopolistic competition or oligopoly. However, it is very likely that some of the inputs to the firm's production are close to perfectly competitive markets. Do those markets completely satisfy the assumptions of perfectly competitive markets? Are there some assumptions that are just "mostly satisfied" or "nearly satisfied", but close enough so that the ideas of Perfect Competition can still be applied? What are those differences, if any exist? How might those differences affect the conclusions of chapter 14?
Could there be external events that affect the perfectly competitive market? What changes might occur? (Think about what you learned) How would those changes affect your chosen firm and what decisions would your firm change-would those changes be drastic or minor?
Writing Requirements (APA format)
1.5 to 2 pages (approx. 300 words per page), not including title page or references page