Explain the impact and role of new technology (AI, etc.) on a market economy. What new economic environment or conditions will businesses face, and how should they respond? Elaborate on the role of the invisible hand and explain the status of supply and demand, equilibrium, competition, monopoly, consumer surplus, producer surplus, and deadweight loss in the context of the new economic conditions. Provide specific examples. Use charts and graphs if needed.

Or

Explain why businesses should be concerned or not be concerned about allocative and product efficiency in perfect competition. When is it not a matter of concern for businesses? Look into how governments and markets fail and the impact of externalities on equilibrium. How does the government deal with the overproduction or underproduction of goods and services and the overallocation or underallocation of resources? How do firms react to the government’s actions and policies? Provide specific examples.

Use APA format and cite your sources. Below is the rubric for you paper.

Introduction
• Grabs reader’s attention.
• Sets up thesis statement.
• Gives accurate and concise representation of main argumentsEconomic
Analysis
• Demonstrates independent thinking and critical reasoning.
• Uses evidence to refute/support arguments.
• Is able to recognize the limitations of the tools and makes a clear conclusion.
• Uses appropriately the concepts studied in class (or in other courses) to perform a complete analysis.
• Makes sensible inferences.
• Used 3 or more academic references outside textbook.

Exposition
• Paragraphs well organized by thought and flow logical.
• Smooth transition between ideas.
• Clear and easy to read sentences.
• No unnecessary repetitions.
• Economic terms and concepts clearly explained.
• Sources are referenced and cited correctly

Conclusion
• Briefly summarizes the analysis accurately.
• Indicates that initial thesis statement has been demonstrated

Requirements: