Write a paper on your understanding of
how markets function in the real world.” Is this statement true or false? Refer to the following concepts
-excess capacity, revenue, consumer sensitivity to product prices, implicit cost, Short and Long-Run
Regimes to support your position.
Note: Your essay should be at least two pages long. Include any pertinent references in the text along
with supporting graphs and diagrams. Please scan your diagrams and upload them as separate
attachments in Canvas. Your essay must be in WORD and Uploaded in Canvas as well.
