I.The first part of the exam deals with markets for private goods and market pow

I.The first part of the exam deals with markets for private goods and market power.
Explain the concept of market power in plain language as if you were speaking to someone who hasn’t studied economics. Make sure to identify what creates market power, what the problems with market power are and what is good about market power.
Give an example of market power in every day life that you have experienced.
Identify an example of market power from the news, the web, a blog or a podcast. MAKE SURE TO FIND THE MOST RELIABLE AND CREDIBLE source you can. Describe the concept in economic language and explain how the current pandemic has impacted market power in this market. You must cite this external source using APA style.
II.The second part of the writing part of the exam deals with markets for public goods
Explain the concept of public goods in plain language as if you were speaking to someone who hasn’t studied economics. Make sure to identify what distinguishes public goods from other types of goods, and both the problems with public goods and the positive aspects of public goods.
Give an example of public goods in every day life that you have experienced and how public goods are misunderstood.
Identify an example of public goods from the news, the web, a blog or a podcast. MAKE SURE TO FIND THE MOST RELIABLE AND CREDIBLE source you can. Describe the concept in economic language and explain how the current pandemic has impacted public goods in the example you cite. . You must cite this external source using APA style.
This assignment is graded on a 30 point scale (each concept is worth 15 points each)
Please read the rubric below. For information on citations in APA style — go to the bishop library online https://libguides.lvc.edu/c.php?g=333554&p=2245611 (Links to an external site.)

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