QuestionWhat are the main differences between Monopoly and Monopolistic competitive market structures? Compare and contrast how these market structures react in short run and long run in relation to profits(Use diagrams to help explain 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 both the similarities and differences between the reactions of these two market structures in short run and long run situations in relation to profits;• 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; i. a definition and explanation of the differences between these two types of market structureii. an explanation of how these two types of market respond to a particular situationiii. appropriate and accurately drawn diagrams.• You should use examples of real markets to help illustrate your points;• For a piece of work of this length we 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 we will be looking for when marking your essay
Marking CriteriaMarks for this assignment will be given according to the following criteria:a) how accurately you identify and explain the differences between Monopolistic and Monopoly market structures;b) how comprehensively you describe how these different market structures respond from short run to long run in relation to profits;c) whether you include appropriate and accurately drawn diagrams and also how effectively you introduce these into your essay;d) the quality and depth of research you carry out for this piece of work;e) the accurate referencing of any texts and data sources that you have used in answering the questions (a referencing guide is given below);f) 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;g) the quality of grammar and the structure of your answers;h) a contents front page and bibliography are essential – marks will be deducted if these are not included.
Hints and Tips
1. Make sure that you answer the question that has been set.
2. Ensure that you remain within the word limits given for the essay.
3. In presenting your answer, you should avoid using sub-headings and not use bullet points or numbered paragraphs. Using continuous prose enables you to develop arguments and to inter-link issues you are raising.
4. You should think very carefully about the resources you use for this essay. Make sure that all the research you do is from academic sources. Academic sources are things like textbooks, journals and e-journals.