1. What is the market structure for the provision of real-estate services (the provision of housing and commercial sites, buildings, and other attached improvements) i.e. is it atomistic (perfect) competition, monopolistic competition, oligopoly, monopoly? Explain.

2. Given that structure, does the real-estate service industry have long-run economic profit? Explain.

3. Does the real-estate service industry have a producer surplus? Explain.

4. If there is a producer surplus, who usually gets it, assuming a competitive supply for all labor and capital goods? Explain.

If there is no producer surplus, what factors receive real-estate profits?

5. If there is a producer surplus, what is the economic effect of taxing most of it?

If there is no producer surplus, what is the economic effect of taxing the income from real estate services?