Discuss and compare the four market structures covered in this unit. Include in your discussion the issues of competitors, barriers to entry, pricing and output decisions for firms, price determinations and price discrimination, economic profit in the short and long run, resource allocations, profit maximisation and cartels
. Included in your analysis, please discuss whether OPEC is a form of cartel when it comes to regulating the world oil prices. What would be the benefits to member of OPEC and identify whether there are any advantages of having an organisation like OPEC in the interests of the consumers Introduction to chosen essay topic, adhering to word count, structure of the essay and APM cover page Students should be able to identify and explain the four market structures.
Students should be able to explain for each market structure: competition barriers to entry pricing and output decisions resource allocations profit maximisation cartels Students should be able to explain OPEC and identify whether this is an example of a cartel or not, giving reasons to support their answer Students need to identify the benefits to members of OPEC (if any), This must be discussed from the role of the government, consumer and oil/energy business.
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