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Discussion Question
Coffee shops and gasoline stations in a large city would appear to be examples of competitive markets. The means that there are numerous relatively small sellers, each seller is a price-taker and the products are quite similar. How could we argue that these markets are not competitive? (or can we?) Could each firm face a demand curve that is not perfectly elastic? How profitable do you expect coffee shops and gasoline stations to be in the long run?
Please use outside sources to reference your work.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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