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:

• Analyze census bureau data on poverty.
• Apply concepts of inequality to real data on inequality

ASSIGNMENT

Always use the economic terms, diagrams and concepts we are learning this week to earn full credit.

1. Please go to the US Census poverty data tool and look at the map there which should show all the counties in the United States and their poverty levels as distinguished by the depth of their purple color.

You can get there by either doing the following:

A. go direct to thepoverty interactive tool(Links to an external site.)

.

OR

B. Go to:https://www.census.gov/topics/income-poverty/poverty/data/data-tools.html(Links to an external site.)

then select "income and Poverty Interactive data tool near the bottom of the page

Hovering over the county and clicking should give you a pop up box that gives the poverty rate and the county name.Please do this and compare Monterey County's poverty rate to 3 other counties ... Make one of those counties from a. California or Texas along the Mexico American border b. Another one from the South of the United States. c. One from the Midwest and d. one from the East Coast. Report your findings here.

2. Using that same map where the darker the purple the higher the poverty rate, briefly describe the poverty level across the United States. Which areas have high poverty?Which have low?

3. Using the following data in this excel table please describe with some detail what has happened to income inequality in the United States.(You MUST use numbers in your answer to earn points)

Excel datahere.