Explain oligopoly and perfect competition market structures, and identify the key factors that distinguish them

Explain oligopoly and perfect competition market structures, and identify the key factors that distinguish them. (6 marks)

(b) Choose an industry from your home country representing oligopoly, and using real data from your case study identify its key characteristics in relation to the factors used to differentiate between the market structures.(6 marks)

(c) Briefly explain how oligopoly can be evaluated. Using real data from your case study, apply appropriate evaluation model to your case study and compare the market outcomes under oligopoly with the market outcomes under perfect competition model. (10 marks)

Additional marks                                                                                     (8 marks)

Substantial research and analysis.  4 mark

Overall presentation of work, especially use of graphs, clear written expression.   2 mark

Appropriate use of referencing.   2 marks

Assessment criteria

• Besides the textbook, you should also refer to a few other academic books, journal articles and relevant websites in answering these questions.
• Sources must be acknowledged and a list of references provided.
• Concepts must be defined accurately and completely.
• The assumptions upon which the analysis is based must be stated at the onset.
• Diagrams must be drawn properly, correctly labelled and the relations they depict explained.
• Photocopied and scanned graphs from books, articles or websites are not acceptable.  It is preferable to hand-draw a graph then scan it to insert in your file.
• Answers must be complete, addressing the specific tasks nominated in the questions.
• Remember an extension is not a gift, it is a burden.