ECO204 The Fundamentals 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