Task: Write a detailed economics essay addressing the following points: a) Briefly compare and contrast four market structures regarding the allocation of resources. Identify the key factors that distinguish four market structures and explain the differences in market outcomes (i.e. price and quantity) among these market structures. While your textbook is your first point of reference, you should consult other references in order to receive full marks. Use real life examples (with references) to support your discussion. b) Choose an industry from your home country that was affected by the current pandemic. Using real data from your case study identify its key characteristics in relation to the factors used to differentiate among the market structures. Describe your case study in sufficient details. Use features of each market structure such as number of sellers, type of product, entry conditions, profits and losses in the short and long run, advertising, research and development and appropriate diagrams to answer this question. c) Explain the effect of pandemic on the industry using economic theory, real life data and illustrate it on a diagram. This is the analysis of your case study where you need to analyze the effect of pandemic on market outcomes (i.e. price and quantity), provide relevant information, use tables, diagrams where appropriate. You should use real data as much as possible. d) What actions did government take to support your chosen industry and why? How government measures changed the market outcome (i.e. price and quantity) for this industry? Use real data from your case study and explain using economic theory and diagrams. This is the analysis of your case study where you need to analyze the effect of government intervention using the theory and real data from your case study.
Subject Name: Economics
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