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Market efficiency

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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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


I reckon it has got to do something with the "free market", where the market mechanism leads to a competitive equilibrium price and quantity
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


Doing this with just S&D curves is actually quite difficult. You'll want to be looking at Cost/Revenue curves and different market structures such as Oligopoly, Monopoly and Perfect Competition. A simple google will suffice to find information on them.

Good luck.

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