What characteristics are necessary for a market to be competitive? Are there many competitive markets in the real world?

1. What characteristics are necessary for a market to be competitive? Are there many competitive markets in the real world?

2. What are the disadvantages of market power for society?

3. What are barriers to entry? Why must barriers to entry be present if market power is to exist in a particular market?

4. Can you think of any examples of price-cutting that may exist in your commodity? Are you aware of any such activity involving some of the products that you purchase?

5. How do tariffs and import quotas harm the consumer? How do they harm the U.S. worker?

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