Pure Competition - Applications

1. Log into www.census.gov. Follow this series of links: click on "economic census," then "construction reports," and click on the arrow for tables in your state. (a) How many construction establishments exist in your state? and (b) Does this number constitute a competitive market? Explain.

2. Log on to www.cnn.com or www.msnbc.com and complete a word search using "beef market".
a. Explain why the market for beef in the United States is a competitive market.
b. In the article you found, what determinant of supply or demand in the market for beef is changing?
c. How will this change affect the short run equilibrium price? The long run equilibrium price?

3. Log on to www.census.gov, click on "retail," and then access "national statistics."
a. How many gas stations exist in the United States?
b. Does this mean that the gas market in your ton or city constitutes a competitive market? Explain.