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.
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 Monopolistic Competition and Oligopoly 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 consumers
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 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;