Problem
1. Think about a competitive market in which you participate regularly. For each of the characteristics of a competitive market, explain how your market meets these requirements.
2. Think about a noncompetitive market in which you participate regularly. Explain which characteristic(s) of competitive markets your market does not meet.
3. Explain why a demand curve slopes downward.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.