What are the assumptions of a perfectly competitive market?

What are the assumptions of a perfectly competitive market?

ASSIGNMENT BRIEF 

Economics and International Trade 

ASSESSMENT 2 - 2021-02

 

 

Module name

Economics and International Trade 

Module code

UG07-EIT

Semester

2021-02

Assessment number

2

Method / Topic

Online 

Weighting

25%     50% Pass

Issue date

Week 10

Submission date     

Week 10

 

NAME:  ASSESSMENT CRITERIA

 

UWIC:

 

1)   

(i) What are the assumptions of a perfectly competitive market? [20 marks]

(ii) Contrast it with that of a monopoly. [20 marks]

Address the points provided below where applicable:

  • Number of buyers and sellers
  • Barriers to entry
  • Control over price charged

2)   

(i) Explain the concept of a negative externality. [15 marks]

(ii) What are the policies a government can adopt to mitigate the effects of externalities? [15 marks]

 

3)   

(i) Explain the four components of Gross Domestic Product (GDP) and how the Covid-19 pandemic has affected the GDP of the United Kingdom. [10 marks]

(ii) What components of the United Kingdom’s GDP (if any) would each of the below transactions affect? Provide an explanation for each.

 

a)    Boris Johnson buys a new pair of shoes for personal use. [5 marks]

b)    The current British government pays the salaries of government workers. [5 marks]

c)    GlaxoSmithKline decides to open a new manufacturing plant in Leeds. [5 marks]

d)    Your Economics and International Trade lecturer buys Parmigiano cheese (a type of Italian cheese) made in Italy, but sold in the United Kingdom. [5 marks]

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