Fundamentals of Microeconomics [WLOs: 1, 2, 3] [CLOs: 1, 2, 3,4, 5, 6]
Prior to beginning work on this assignment, review Chapters 1 – 12 of your textbook, Principles of Microeconomics. Pick any ONE business/company of your choice. The company you choose can be a small local restaurant or a large multinational company. Based on your selection, answer the following questions:
In your paper,
• Describe the basics of the business you chose- including the size of the business, types of goods/services the business sells, and possible barriers to entry/exit.
• Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.
• Discuss what kind of market structure your company falls under. Why?
• Analyze whether the demand of the goods/services sold by the business are elastic or inelastic. Why?
• Discuss if there are any externalities involved. If so, explain how the externalities can be fixed.
• Discuss any roles that larger companies can play in promoting inclusion, equality and reducing poverty.
The Fundamentals of Microeconomics final paper
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