Explain different market structures (pure competition, monopoly, monopolistic competition, oligopoly) and the implication of their characteristics on the efficient allocation of scarce resources as well as the potential for market failure.

Specifically, you will be able to:

• Summarize potential ways governments can improve market efficiency
• Explain the economist's perspective on income inequality, the poverty trap and the safety net

1A."Government Intervention most Economists Agree Improve Efficiency".

Please explain the link between property rights, governments and efficiency.

2A.

Please list the forms of government intervention from least controversial to most controversial,

3A. "Measuring income inequality"

Explain how economists measure income inequality

4B."Corporate Mergers".

Explain what a "merger", "acquisition"and "anti-trust" laws are.

5B."Regulating Anti-competitive behavior".

Explain what a "restrictive practice" is.

6B."The Poverty Trap".

Explain what the "PovertyTrap" is.

7B."The Safety Net".

List the programs your textbook identifies are part of "The Safety Net"