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Answer The Following Questions On Microeconomic Concepts The Assignment Requir

Answer the following questions on microeconomic concepts. The assignment

requires you to engage in independent academic research. Your responses

should include source citations and a reference list using the Harvard

Referencing System. All sources used in the preparation of this assignment

should be listed in your reference list.

Please be aware that your answers will be checked for plagiarism using Turnitin.

Your answers should be presented in your own words. Direct quotes should be

used sparingly and referenced appropriately. Please make sure to adequately

paraphrase any sources used to pass the Turnitin evaluation.

Word total for all questions should be between 2500 and 3000 words

Question 1 (30%) (750-1000 words)

Since the recent Great Recession of 2007-2009, there has been increasing

disillusionment with the free market system. Briefly define “free market system” and

identify and describe at least three of its major concepts or attributes. Then, critically

analyze the view that the free market system is the best and only realistic alternative for

determining the allocation of resources in an economy. Provide evidence to support

your analysis.

Question 2 (20%) (300-500 words)

Every society, regardless of its wealth and power, must make certain choices

about production and distribution. Specifically, every society faces three basic

economic decisions:

What goods and services to produce and in what quantities?

How to produce these goods and services, or how to use the economy’s


Who gets these goods and services

Briefly explain how these questions are answered in your country. How does the

availability of resources in your country influence the economic decisions fo individuals,

organizations, and government?

Question 3 (50%) (1250-1500 words)

Evaluate the economic efficiency of different market structures and their effect on

consumers. To answer this question:

1. Explain market efficiency

2. Identify and distinguish between the different types of market structures;

compare and contrast the similarities and differences between their


3. For each market structure, provide an industry example and evaluate the

economic efficiency of each (market structure) and the effect of each (market

structure) on the industry’s consumers.

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