Structure
• How many suppliers and demanders are in the market?
• Is an effective framework for legal redress in place?
• Are there barriers to information flows in the institutional framework?
Conduct
• Do transactions occur frequently?
• Are contracts transparent and fair to supplier and consumer?
• Do suppliers and demanders frequently enter into and exit from the market?
Performance
• Is the spatial pattern of prices closely related to transport costs? For
example, does the price in area A equal the price in area B plus the
transport cost from B to A?
• Do prices move in an economically rational fashion? For example, are
prices in step with seasonality in production?
• Are price fluctuations swiftly damped after an external shock?
• Are there signs of large, permanent profits in the system, in terms of
growing economic inequality?