After reading chapter 4 and reviewing the materials posted in Week 4 Lecture, answer the following questions:
1. What seven features are necessary to ensure perfectly competitive free markets? Why is each feature necessary? What else do free competitive markets require besides these seven features?
2. In what three ways do perfectly competitive free markets establish perfect morality? What difficulties remain with the morality of such markets?
3. What is a monopoly? How do they come about? In what ways do they threaten the morality of the market system?
4. What is an oligopoly? How do they come about? How are they related to monopolies?
5. What types of unethical market practices are common in oligopolies? Why do they occur? How can they best be prevented?
6. Why are bribes immoral? How can you tell if a payment made in a business transaction is a bribe or not?
7. Research one particular industry, examining it for signs of monopoly, oligopoly, and unfair market practices.
8. Choose one of the dominant brands and research it to decide if their dominance in the industry is due to unethical practices or something else.
Expected outcome: Submit your responses via the Turnitin link below in one-word document, APA format, only the answers, and in your own words.