The topic of my paper can be anything related to Microeconomics.
Microeconomics is the study by individuals on allocating scarce resources in a market (Sloman, 1999). There are four basic types of market structures which are as follows:Perfect competition exists when there are homogenous products and many buyers and sellers. The competition is much tensed and everyone is fighting the rat race of winning over the other. There are a large number of firms producing the same kind of products or services such as wheat, financial securities, or copper. No single buyer or seller has the power to influence the market price. The seller cannot change it according to his will because for instance he increases the price creating a sense of superior image to his brand, the others will benefit because of the similarity in the uniform commodity trading.