An Overview of Turnitin Tools

2019 Semester 3
MGE1108 Economics for Business
Assessment 3: Individual Assignment
ASSIGNMENT INSTRUCTIONS:
1 Submit only the section found in the next page titled “Assignment
Submission.”
DO NOT include the Assignment Instructions (otherwise
Turnitin, see below, may consider them as “plagiarised”).
2 Your assignment must be
submitted as a word document AND through
Turnitin in LMS. Turnitin is a software that indicates the extent that your
assignment has been copied from elsewhere.
It is normal if Turnitin indicates a percentage copied but make sure that
you include proper in-text referencing for
each answer, otherwise marks
will be deducted for similarities for 20% - 50% and zero marks in excess of
50%.
Diagrams may be hand drawn, scanned or photographed and pasted onto the
word document.
3 You are not required to look up other resources except for that listed below
but you can certainly do so to gain a wider general understanding.
4 A
reference list and in-text citation must be included. (Resources on how to
construct your reference list and in-text citation are found in LMS under
Student Support/Study Help/Study Skills and Academic Writing). You will be
penalized for simply copying and pasting large sections from the text book.
Resources for this assignment are:
Ÿ Chapters 7 – 9 from the the prescribed text book A, Robinson. T, and Tucker
I. (2015)
Economics for Today. Copies of these chapters are on LMS.
Ÿ Videos resources for assignment on LMS.
5 Use economic concepts and terms in your answers. Take care NOT to
substitute words with
specific economic meaning with any similar meaning
words from Thesaurus (a helpful resource is
Studiosity in LMS). Where
economic models/diagrams are required it will be clearly indicated.
6 Marks will be deducted for late submission. If you need an extension, seek
permission from your lecturer giving your reasons.
This assignment is marked out of 45 marks and contributes
towards 15% of your total marks for the subject.
Due Date: 2 FBERUARY 2020 (Sunday) just before midnight.
Set C

7 My Declaration: I declare that the MGE1108 assignment for 2019 Semester 3
which I submitted is entirely my own work, except where quoted is duly
acknowledged in the text, and that it has not been submitted for assessment in
any other course or program. I hold a copy of this assignment, which can be
produced upon request if the original is lost, damaged, or unusable.
NOTE TO STUDENT:
Submit ONLY the next section below, “Assignment Submission” after reading and
typing in your name and student ID. Do
NOT INCLUDE the above section as it will add
to Turnitin’s Similiarity Report for word count/plagiarism.
Set C

2019 Semester 3
MGE1108 Economics for Business
ASSIGNMENT SUBMISSION (Assessment 3)
I (Please type in your Student ID and NAME:
) confirm my declaration of paragraph 7 of Assignment Instructions.
Question 1
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and
Oligopoly under the following headings (about 250 words).
a. number of firms in the market
b. the similarity of the products sold
c. barriers to entry
(9 marks)
Answer
Perfect Competition: In this market structure, there are numerous numbers of companies in the
market and their si no barrier to entry. The products sold in the market strategy are homogenous
which means there is a similarity in the product sold. No one can influence this market structure so
they are the price takers.
Monopoly: In this market structure there is only one firm that does not have any substitute to
control the market. The product and services which are offered are unique which does not have any
substitute (Dossche, et al., 2010). In a Monopoly market their si the barrier to entry which includes
economies of scale. This market structure is the price maker so they have the maximum profits and
also have high discrimination of price.
Monopolistic Competition: In this market structure, there are many numbers of firms and they
have no control over the market prices. The merchandises which are traded are distinguished from
each other. The entrance and departure in the market have a few barriers. Market structure of this
competition has free access and exodus with a huge number of purchasers and vendors. This market
structure has no control over the market prices and has less mobility (Roman and Lenka, 2017).
Oligopoly Market: In this market structure, there are a small number of firms in the market so their
market share is the largest. As in this marketplace, there are the few sellers so they also deal with
both products that are homogenous and differentiated. There are a rare barricades while entering the
market but they are free to leave the market. The market structure is selling the products which can
be identical or can have different products so they can dominate the industry (Schweinberger and
Suedekum, 2017).
Question 2
Based on your understanding of each market structure described in Question 1, state which market
structure you think each of the following businesses belong to.
Set C