Instructions
Essay Topic: Different Types of Market Structure (Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition)
Length: 2400 words (approximately 8-10 pages, double-spaced, 12-point font)
Format: MLA style
Citation and References: All sources must be properly cited within the essay using MLA in-text citations. A separate reference page titled “Works Cited” should be included at the end of the essay, listing all sources used.
Due Date: April 11, 2024
Essay Structure:
1. Introduction (approximately 200-250 words) a. Provide a brief overview of market structures b. Explain the significance of understanding different market structures c. Thesis statement outlining the main points to be discussed in the essay
2. Perfect Competition (approximately 500-600 words) a. Define perfect competition and its key characteristics b. Discuss the assumptions of perfect competition c. Analyze the long-run and short-run equilibrium in perfect competition d. Provide real-world examples of markets that closely resemble perfect competition
3. Monopoly (approximately 500-600 words) a. Define monopoly and its key characteristics b. Explain the barriers to entry in a monopoly market c. Discuss the profit-maximizing behavior of a monopolist d. Analyze the inefficiencies associated with monopoly market structure e. Provide real-world examples of monopoly markets
4. Oligopoly (approximately 500-600 words) a. Define oligopoly and its key characteristics b. Discuss the interdependence of firms in an oligopoly market c. Explain the different models of oligopoly (Cournot, Bertrand, Stackelberg) d. Analyze the strategic behavior of firms in an oligopoly market e. Provide real-world examples of oligopoly markets
5. Monopolistic Competition (approximately 500-600 words) a. Define monopolistic competition and its key characteristics b. Discuss product differentiation in monopolistic competition c. Analyze the long-run and short-run equilibrium in monopolistic competition d. Compare and contrast monopolistic competition with perfect competition and monopoly e. Provide real-world examples of monopolistic competition markets
6. Conclusion (approximately 200-250 words) a. Summarize the main points discussed in the essay b. Emphasize the importance of understanding different market structures c. Discuss the implications of market structures for businesses and consumers
Additional Instructions:
1. Use a minimum of 6 credible sources, including textbooks, academic journals, and reputable online sources(no later than 10 years ago except for seminal papers establishing and defining the different market structures).
2. Ensure that the essay is well-organized, with clear transitions between sections and paragraphs.
3. Use economic terminology accurately and consistently throughout the essay.
4. Provide relevant graphs, charts, or diagrams to support your analysis, if applicable.
5. Proofread the essay for grammatical errors, spelling mistakes, and proper formatting before submitting.
Expected Submissions
1. Complete Essay as instructed
2. A plagiarism report -Turnitin
3. AI check report