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Homework (1b, 2a) In The News: Agricultural markets are often

(1b, 2a) In The News: Agricultural markets are often cited as exhibiting the characteristics of the perfect competition market structure. Does farming fit this model?

  1. Use the key word ECONOMIC NEWS in an Internet search engine (Google, Bing etc.) to locate online news sources such as CNN News, the NYTimes, Chicago Tribune, Forbes, US News and World Report, or any of the various other nationally recognized news providers.
  • NOTE: Make sure the story you select reflects the material covered in the chapter. This is best accomplished by using the ADVANCED SEARCH option and also choosing appropriate categories such as "Business" or "Economics" when the option exists. Also choose sort by "RELEVANCE" to further refine the search process.
Select a news provider and use their search feature to locate a news story on one of the following suggested concepts, or on a topic of interest to you that is appropriate to this chapter.
Possible search terms:
  • Maximizing profits
  • Industry supply
  • American farmers
  • Market failure
  • Commodities
  • Perfect Competition

Write a 1-2 page summary of the information and also explain how it relates to what you have just learned.

For citation guidelines, please refer to the table in the APA Style section of the Tools & Resources.







Perfect competition












Perfect competition



A hypothetical market where competition is at the highest possible level...


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