Problem
Research and write a paper on competition. What is meant by competition? How does the element of monopoly in monopolistic competition affect the process of competition? Why is competition important if markets are to work efficiently? Can competition protect the consumer from the market power of sellers? Is competition sometimes destructive or counterproductive? Defend or criticize competition as a method of allocating goods and resources. Be specific. Feel free to suggest and defend alternatives that you think are superior to the competitive market process.
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.