Subject:Explain why the level of profits differs between market structures?
Guidance:
Explain the assumptions of each market structures including profit maximization: Perfect Competition and Monopoly (Oligopoly is optional). Support with appropriate diagrams and examples.
Explain the difference between normal and abnormal profits.
Analyse the role of barriers to entry for maintaining abnormal profits in the long run. Analyse the use of price discrimination to increase abnormal profits under monopoly condition.
Conclusion- summarize the main points on market structures and profit maximization. Evaluate the main factors that determine the level of profits?
Reference list:
Anderton, A. (2008) Economics 5th Edition
Bannock, G. (2011) Penguin Dictionary of Economics 8th edition
Begg, D. Foundations of Economics (2009)
Conway, 50 ideas you really need to know about economics
Gillespie, A. Foundations of Economics (2007) and (2011) Important!!
Mankiw, G & Taylor, M.Economics (2011)
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