Web Activity 1

Beef markets tend to be competitive. To see this, go to www.usda.gov, click the "Programs and Services" tab, and then click "Economic Research."

1. Explain why the market for beef in the U.S. is a competitive market.
2. In the article you found, what determinant of supply or demand in the market for beef is changing?
3. How will this change affect the short-run equilibrium price? The long-run equilibrium price?

Web Activity 2

To find examples of competitive industries, go to the U.S. Census Bureau website www.census.gov .Click the "Business" tab and then click "Economic Census." Search "gas stations."

1. How many gas stations exist in the United States?
2. Does this mean that the gas market in your town or city constitutes a competitive market? Explain.