1. Coralee and Marianne went shopping in the Souk (Bahrain's legendary market) one evening.Both returned very happy from the results of a successful shop. As they compared what they had bought that evening they noticed that they had bought identical shawls. Marianne had paid 6BD for hers and Coralee had paid 12BD for hers.Coralee was now significantly less happy than she was.

1. Why is this? Explain the economic issues of this event using your new knowledge of economic theory and in particular the relevant Tilly Assumptions involved here.

1. Explain the disparity in market prices paid by Maryanne and Coralee.

1. Would this disparity in market price have happened in "Perfect Competition?" (I.E.....if all of the Tilly assumptions held?) If not, why not?