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

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