(a) Identify the key characteristic of four market structures (ie. monopoly, oligopoly, perfect competition or monopolistic competition). Give a case study example of each market structure. (8 marks) (b)Explain what negative externalities are, and why there may be a case for government intervention to address them. Describe some of the ways to correct the negative externalities and the pros and cons of each method. Provide real life examples. (8 marks) (c) Choose a case study from your home country where an externality exists in a current market. Illustrate the situation with externalities in your case study and the resulting deadweight loss in a diagram and discuss ways that your government has addressed the presence of negative externalities in the market. (10 marks) Additional marks (4 marks) 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. • Where a question has more than one part, so too should the answers. Ensure complete coverage.Length 3,000 words Please note that this question requires substantial research (see the Length 3,000 words Attempt each question as a mini essay (ie: very brief introduction, diagram, explanation of characteristics with reference to the diagram, then a very brief conclusion). Once you have answered each individual question you can bring your whole essay together with an overall introduction and an overall conclusion.The questions about how to determine examples of different market structures for your essay. First make sure you understand the characteristics of each market structure. Then define, explain and provide a diagram of each. Once you have done this you are ready to identify examples within your own locality by recognising the characteristics of the particular market structure. You will then explain how and why you have classified the organisation as one or the other. You can use published data to support your classification.There are examples of all four market structures within economies everywhere. You will find some general examples in the text book. Identifying specific case study examples is expected for the assignment. For example the text book might give the example of monopolistic competition as restaurants so you would identify a local restaurant and describe how and why you feel it meets the criteria for that market structure. For perfect competition you could use an agricultural or mining commodity. Table to list characteristics of market structures Yes ... you could provide a table if you find this a useful way to demonstrate but it is not necessary. However, simply copying or adapting the table from the text book would not be enough. You would also need to explain each characteristic. HINT: just saying "barriers to entry (or not)" would not be enough. You need to discuss what the barriers are and how they arise. You also need to identify your own specific examples of each market structure and provide discussion on how and why your examples fit the characteristics of the particular market structures. Diagrams One student has asked for guidance on what diagrams to produce for each market structure. Telling exactly which diagrams to use would be like me giving you the answers to your assessment. You will find appropriate diagrams in your text book. It is up to you to identify the correct ones. I can tell you that each of the four market structures of Perfect competition, Monopolistic competition, Oligopoly and Monopoly all have their own diagram. In addition, natural monopoly has a slightly different diagram. HINT: the difference is in the shape of the demand curve. It is not enought just to provide the diagram you need to explain how it demonstrates the particular market structure. HINT: explain the demand curve shape and how it affects control over pricing. Do this for each market structure.