Market efficiency Watch

Super199
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Right I need some help with the following.

Select a market which you think is competitive and works efficiently. Explain why you believe this to be the case using supply and demand. Have to do this and then do one that doesn't work efficiently using the same ideas.

I'm really stuck, can someone help me pleaseeee
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Mav455
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(Original post by Super199)
Right I need some help with the following.

Select a market which you think is competitive and works efficiently. Explain why you believe this to be the case using supply and demand. Have to do this and then do one that doesn't work efficiently using the same ideas.

I'm really stuck, can someone help me pleaseeee
Try Tutor2u, its great for Economics and hopefully the notes on efficiency

I think its asking you to evaluate e.g. a market with perfect competition (many sellers, with no influence over price, plenty of substitutes) and say monopoly (a firm dominates the market, is the main supplier thus no substitutes for the product)

Notes on efficiency:
http://www.tutor2u.net/economics/rev...fficiency.html

Monopoly and efficiency:
http://www.tutor2u.net/economics/rev...fficiency.html
http://www.tutor2u.net/economics/rev...-monopoly.html

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