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essay assignment title: the link between monopolistic competition and normal profits
Question
Outline the main features of monopolistic competition as a market structure . Using appropriate diagrams, explain why firms in a monopolistically competitive market structure can only make normal profits in the long run.
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 a particular market structure and also to explain what some of the main features of this type of market structure are;
The second part of the question asks you consider how the structure of the market in which affirm operates has consequences for the profit level that the firm can generate;
You are also specifically asked to use appropriate diagrams as part of your response to the question;
A successful essay will need to provide three things
1.a definition and explanation of what is meant by the term monopolistic competition
2.a consideration of the impacts on producers of this type of market structure
3.appropriate 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 word 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
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 criteria
Marks for this assignment will be given according to the following criteria
A. How accurately you define a monopolistically competitive market structure and explain the features of this type of market;
B. How comprehensively you describe the affect that this type of market structure has on the profit level available to producers;
C. Whether you include appropriate and accurately drawn diagrams and also how effectively you introduct 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 ou introduce these into your work
G. The quality of grammar and the structure of your answers
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