Economics in an International Context Question

What are the main differences between Monopolistic Competition and Oligopoly market structures? Which of these market structures best serves the interests of the consumer and why? Use diagrams to support and illustrate your answer.What are the main differences between Monopolistic Competition and Oligopoly market structures? Which of these market structures best serves the interests of the consumer and why? Use diagrams to support and illustrate your answer.Suggestions:You may find it useful to think about this essay question in separate but related parts;The first part of the question is asking you to define and explain the differences between two different market structures; The second part of the question asks you consider how market structure can impact upon consumers and to provide a judgment about which is best for the consumer;You are also specifically asked to use appropriate diagrams as part of your response to the question;A successful essay will need to provide all of these things as a minimum; a definition and explanation of the differences between these two types of market structure,a consideration of the impacts on consumers of these types of market structure and an assessment of which of the two is best for consumersAppropriate and accurately drawn diagrams.You should also try and use examples of real markets to help illustrate your points;We have not covered this precise area in class. This is deliberate because it means you will have to do some research. For a piece of work of this length I would expect to see references to at least three academic works;Your notes or materials provided in class will not be counted as academic references;Wikipedia will not be counted as an academic reference;The marking criteria are listed below. These are the things I will be looking for when marking your essay;

 

 

 

 

Marking CriteriaMarks for this assignment will be given according to the following criteria:• how accurately you identify and explain the differences between Monopolistic Competition and Oligopoly market structures;• how comprehensively you describe the affect that these types of market structure have on consumers;• whether you include appropriate and accurately drawn diagrams and also how effectively you introduce these into your essay;• the quality and depth of research you carry out for this piece of work;• the accurate referencing of any texts and data sources that you have used in answering the questions (a referencing guide is given below); • whether you use examples to help explain your ideas and the quality and relevance of any examples you use and how well you introduce these into your work;• the quality of grammar and the structure of your answers;
Hints and Tips
Answer the question that has been set.
Remain within the word limits given for the essay – 1000 words
Do not use headings or sub headings.
Use appropriate and relevant up to date sources of reference.
Use the Harvard style reference list.  Your list should be alphabetical by author and list out the author(s)’s surname, first name, date of publication, title of book, publisher of book and the place of the book’s publication.  If you have used internet sources, you should give the author(s)’s name, title of web page, the full internet address of the page(s) you have used and the date(s) that they were accessed.
Do not copy large pieces of text from a book, another person’s essay or internet sites and imply that it is your own work.  If you want to quote directly from a book, you should indicate that it is a quote (by using quotation marks “…”) and the name of the author whose work you have cited in the main body of your essay.
When you hand your work in, please ensure that all the pages are stapled together using a front sheet from the VLE. Submit an electronic copy to TURNITIN by the deadline.