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Identify the key characteristic of four market structures (ie. monopoly, oligopoly, perfect competition or monopolistic competition). Give a case study example of each market structure. (8 marks)
(b) Explain what negative externalities are, and why there may be a case for government intervention to address them. Describe any two ways to correct the negative externalities and the pros and cons of each method. Provide real life examples. (8 marks)
(c) Choose a case study from your home country where an externality exists in a current market. Illustrate the situation with externalities in your case study and the resulting deadweight loss in a diagram and discuss ways that your government has addressed the presence of negative externalities in the market. (10 marks)
Additional marks (4 marks)
Overall presentation of work, especially use of graphs, clear written expression. 2 mark
Appropriate use of referencing. 2 marks
Assessment criteria
• Besides the textbook, you should also refer to a few other academic books, journal articles and relevant websites in answering these questions.
• Sources must be acknowledged and a list of references provided.
• All submissions for this course must use the American Psychological Association (APA) referencing style (details can be obtained here).
• Concepts must be defined accurately and completely.
• The assumptions upon which the analysis is based must be stated at the onset.
• Diagrams must be drawn properly, correctly labelled and the relations they depict explained.
• Photocopied and scanned graphs from books, articles or websites are not acceptable. It is preferable to hand-draw a graph then scan it to insert in your file.
• Answers must be complete, addressing the specific tasks nominated in the questions.
• Remember an extension is not a gift, it is a burd
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The post Identify the key characteristic of four market structures (ie. monopoly, oligopoly, perfect competition or monopolistic competition). Give a case study example of each market structure. (8 marks) appeared first on Wise Papers.
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