International trade can have big effects on domestic markets. Chose a good and describe the import and export of the good using the bullets below (in other words, address each bulleted item below twice—once for import and once for export), describe how opening up to international trade affects the following:supply or demand for the particular good,the competitiveness of that good’s market, andhow the change in competitiveness affects equilibrium price and quantity.Stepping away from the import/export examples, describe how opening up to trade specifically affects a domestic monopoly. Include an explanation, using game theory, of how even a single additional competitor can lead to a market outcome similar to perfect competition.Your essay must be at least three pages in length (not counting the title and references pages) and include at least THREE PEER-REVIEWED RESOURCES Adhere to APA Style when writing your essay, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed.

AssignmentIn this Assignment, you will demonstrate your understanding of certain economic principles that underlie virtually all decisions that people make. Specifically, the concept of Opportunity Costs by selecting the correct underlying principle and explaining in a series of logical steps which would likely produce the results described. Questions 1. Howard needs to buy a laptop computer to start online university courses. The price at the local computer store is $650. The identical computer is available at one online site for $605 and another site, for $622. All prices include the appropriate sales tax. The accompanying table indicates the typical shipping and handling charges for the computer ordered online.Unit 1BU224 | MicroeconomicsShipping methodDelivery timeChargeStandard shipping3–7 days$13.99Second–day air2 business days$18.98Next–day air1 business day$23.98a. Define “opportunity cost” in economic terms. b. In this situation, what are the opportunity costs of Howard choosing to buy online instead of at the local computer store? Note that if you buy the computer online, you must wait to get it.c. Show all of the relevant choices for Howard.d. What determines which of these choices Howard will choose?2. During the improving economic conditions of 2015 and early 2016 much additional construction of homes and condos throughout much of the U.S. took place. This provided a significant increase in the income of workers in the construction trades. Many of the construction workers were immigrants and have family and relatives in other countries. Often these workers would send part of their income to their less fortunate relatives in their old country, especially in Mexico and some of the South American countries.a. Which of the economic principles best describes this situation?b. Using the principle you have selected, describe the chain of events that best explains how increased spending for U.S. home and condo construction is likely to affect the performance of the economies of these South American countries. 3. From June 2008 oil was at a high of $144.78 per barrel. During the period from April 2011 until July of 2014, the price of oil hovered between about $115.32 per barrel and about $105.22 a barrel. Then, starting in August 2014 oil began a precipitous fall in pricefrom the $105.22 to $33.62 a barrel in January 2016. Although the U.S. has great amounts of oil that can be brought out of the ground by “fracking,” by the beginning of2016 many of the workers in the U.S. oil exploration and drilling industry were out ofwork and tremendous amounts of oil exploration equipment was sitting in the equivalentof “used car lots” to be sold. a. Which of the economic principles best describes this situation?b. Using the principle you have selected, describe the chain of links that best explains how the falling international oil prices caused U. S. workers to be laid off and available U.S. oil to be left in the ground.References

As shown in the I Love Lucy video clip, A Little Bit of Cuba and a Big Hunk of America are both in the restaurant market. Imagine the kind of market structure that restaurants in general operate in.a. Using the table provided in the AVP describing the characteristics of the different market structures, classify the market structure that restaurants in general operate in. Explain your reasoning.b. Choose a different firm from a different market structure and explain the characteristics of that market. It is best to go with a firm you frequent or are familiar with so you can speak from your own personal experiences. Note: Make sure that in parts a. and b. you described how competition affects the buyers and sellers involved in these market structures.Basically the tables requires the Number of firms, Barriers to entry, Perfect competition, Monopolist, Monopolistic competition and Oligopoly. Market structure of the A Little Bit of Cuba and A Big Hunk of America episode in I Love Lucy Show.The 4 Market Structures are Perfect competition, Monopolistic competition, Oligopoly and Monopoly