Web Activity 1 Beef markets tend to be competitive. To see this, go to www.usda.gov, click the "Programs and Services" tab, and then click "Economic Research." - Explain why the market for beef in the U.S. is a competitive market.
- In the article you found, what determinant of supply or demand in the market for beef is changing?
- How will this change affect the short-run equilibrium price? The long-run equilibrium price?
Web Activity 2 To find examples of competitive industries, go to the U.S. Census Bureau website www.census.gov .Click the "Business" tab and then click "Economic Census." Search "gas stations." - How many gas stations exist in the United States?
- Does this mean that the gas market in your town or city constitutes a competitive market? Explain.
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