this is assessment 1 Part B: Research Essay 30 marks Length 3,000 words Please note that this question requires substantial research (see the assessment criteria below). (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(australia) 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. You must work on the assignment questions (Part A) progressively each week “ which will prevent you from asking for extensions. Remember an extension is not a gift, it is a burden.