Q Market Structure Introduction: Read the lecture notes and watch the suggested videos (listed on the last page of the lecture notes). If needed, you are welcome to do your own research on this topic. Your goal is to understand the four types of market (i.e., Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly). Questions: (1) Pick one market structure that you like most (or least), list 2-4 main characteristics of that market structure; (2) Choose a real-world example to explain why it is a _______ (the market structure). Example: My least favorite market structure is the monopoly. The main characteristics are: the market is dominated by one firm; the firm has the highest level of market power and there are no close substitutes. A real-world example: railways. First, the public transportation, such as railways, is provided by the government. Hence, the government is a monopolist in the sense that new partners or private companies are not allowed to run railways. Second, the government has the highest level of market power, which means they can control the price of tickets. Third, railways have no close substitutes, even though long-distance buses, cars, and budget airlines are possible alternatives. Word requirement: 80-150 words Please save your assignment as a word or PDF file. I can NOT open .pages file. Thank you! Rubric Write-to-Learn Rubric Write-to-Learn Rubric Criteria Ratings Pts This criterion is linked to a Learning OutcomeWord Requirement 1 pts Satisfactory 0 pts Unsatisfactory 1 pts This criterion is linked to a Learning OutcomeGrammar 1 pts Satisfactory Posts are largely free of grammatical and spelling errors 0 pts Unsatisfactory The writing assignment includes some grammatical and spelling errors that distract the reader 1 pts This criterion is linked to a Learning OutcomeContent 6 to >4.0 pts Satisfactory This assignment displays a good understanding of the economic model or concept. 4 to >2.0 pts Limited This assignment displays a basic understanding of the economic model or concept, such as restate the definition in general. If fails to apply the model or concept to explain the particular question. 2 to >0 pts Unsatisfactory This assignment shows little or no understanding of the economic model or concept. 6 pts Total Points: 8 PreviousNext