Macroeconomics

After reading chapters 5 and 6 and Special Topic 5 (link attached), write a 2-page paper describing the importance of competition in markets.

How does a lack of competition affect prices and output?

Describe what the role of government is in markets vis-a-vis firms in the market.

Link for chapters 5 and 6 for paper reference and information:

https://books.google.com/books?id=AFs8AwAAQBAJ&pg=PA93&lpg=PA93&dq=5-1+a+closer+look+at+economic+efficiency&source=bl&ots=MHlTqcAf9A&sig=J0k1fz7quu5kJVoZnimdL4Y1w_Y&hl=en&sa=X&ved=2ahUKEwi2hKb6rLvcAhXwJDQIHVJ8DqwQ6AEwAXoECAEQAQ#v=onepage&q=5-1%20a%20closer%20look%20at%20economic%20efficiency&f=false