Monopolistic Competition

Question Description

 

Economists generally agree that U.S. antitrust policy is complex, changing over time, divided among several U.S. federal government agencies, and subject to frequent court reversals. The underlying question remains whether the U.S. needs more or less regulation of market structures.

Key questions are:

• Are U.S. markets becoming less competitive because of mergers and acquisitions?
• Are U.S. markets becoming more competitive because of new technology?
• Are U.S. markets becoming more or less competitive because of globalization?
• Is enough information available for wise antitrust enforcement?

US Federal agencies involved in antitrust include US Federal Trade Commission at: http://www.ftc.gov

US Department of Justice: http://www.usdoj.gov/atr/index.html

For international perspectives see:

http://www.usdoj.gov/atr/contact/otheratr.htm

For analysis:

For a strong anti-regulatory position see Heritage Foundation, a private advocacy group, has been influential in arguing against antitrust enforcement. For an overview see: http://www.heritage.org/search?query=antitrust+enf…

See also www.cato.org

The American Enterprise Institute: http://www.aei.org

For strong pro-regulatory position see the Economic Policy Institute, a private advocacy group, argues for more antitrust enforcement: http://www.epi.org/

The Brookings Institution attempts a non-partisan position and publishes frequent overviews of antitrust law. See, for example: http://www.brookings.edu/search?start=1&q=antitrus…

Needed to express it using APA format, including footnotes to the research, and need to use economics terms in the writing.

 

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ECON 202

Reading/Writing Assignment

Due Friday, January 19, 2018

Worth 100 points

 

For this assignment you are going to examine an important policy issue:  farm subsidies. Be sure to have reviewed pages 85-87 in your textbook on the topic of farm subsidies and Chapter 23 in your textbook and related handouts on Perfect Competition before completing this assignment.

 

Watch the video on how farm subsidies used to work at the following link:

http://www.youtube.com/watch?v=P8G1HIlRppo

 

Then read the following selections which are referenced below.

 

To access the following articles, type in each of the following article titles into the Smart Search box within the CCBC Library website:

“Farm Subsidies:  An Overview”

“Point:  Farm Subsidies Are no Longer Necessary”

“Counterpoint:  Farm Subsidies Are Needed for American Farmers”

 

Read the following selections on the Internet.

 

“Our Crazy Farm Subsidies Explained” at http://grist.org/food/our-crazy-farm-subsidies-explained/

 

“Betting the Farm” at http://www.bloomberg.com/graphics/2015-farm-bill/

 

“Milking Taxpayers” at http://www.economist.com/news/united-states/21643191-crop-prices-fall-farmers-grow-subsidies-instead-milking-taxpayers

 

“In Signing Farm Bill, Obama Extols Rural Growth” at http://www.nytimes.com/2014/02/08/us/politics/farm-bill.html

Respond to the questions on the next page with proper application of economic theory in a minimum of three solid paragraphs per question, and your answers to all of the questions in total should include a minimum of 1,500 words. To check your word count, select the text for each answer you provide. Microsoft Word will give a word count for the selected text.

 

Be sure to write your answers in your own words and to cite all sources used fully in APA or MLA style, including the textbook and the sources listed above as well as any other credible sources you choose to use to support your answers. The CCBC Library has a citation guide for APA style on their website at the following link:  http://library.ccbcmd.edu/screens/web/apa_fall2015.pdf

 

Strive to write in a clear, logical and organized style using standards of proper written English. Use a word processing program to prepare your paper. Be sure to correct errors in spelling, grammar, and punctuation.

 

Be sure to proofread your paper carefully. It is helpful to print out a draft(s) and read it later, preferably the next day. Errors that were not apparent initially will be more obvious using this technique. Some people find it is helpful to read their paper aloud. They are able to identify errors by hearing them as well as seeing them.

 

Before submitting your assignment for grading, be sure to compare your paper against the grading rubric included with the assignment and make any needed adjustments accordingly. Attach your completed final product through the Assignments feature in Blackboard on or before Friday, January 19, 2018. Late papers will not be accepted.

 

Questions

 

1. The most common example of a market with perfect competition is agriculture. How could farm subsidies distort a model of perfect competition? Explain.

 

2. American corn farmers receive billions of dollars in taxpayer subsidies each year. These subsidies allow them to sell their grain at prices below what it costs to produce it, particularly for export markets. How do U.S. corn subsidies hurt Mexican farmers?

 

3. Summarize the arguments both in favor of and against eliminating farm subsidies. After your evaluation, where do you stand on this issue and why?

 

 

 

Grading Rubric

 

Criteria						Weight	Score
Includes a minimum of three solid paragraphs for each of the three questions, and the total word count for the answers includes a minimum of 1,500 words.	10—The paper meets this criterion.	7—Each answer includes a minimum of 3 solid paragraphs, and the total word count is at least 1,300 words.	5—Some answers may include less than 3 solid paragraphs, and the total word count is at least 1,200 words.	3—Some answers may include less than 3 solid paragraphs, and the total word count is at least 1,000 words.	0— All answers include less than 3 solid paragraphs, and the total word count is less than 1,000 words.	10%
Answers the three questions with proper application of economic theory	10—missing no data; all questions posed by the assignment are answered with a high level of quality and completeness	7—most key data is present or most of the questions were answered, but missing minor points	5—missing roughly half of key data or questions	3—missing most key data or answered questions with a low level of quality and/or completeness	0 —missing all key data or did not directly answer the questions posed by the assignment	70%
Provides sufficient, documented support for all relevant statements	10–All facts and information that are not common knowledge are properly cited in APA or MLA format.	7–All facts and information that are not common knowledge are cited, but there are specific problems with citation style and format.	5–Most obvious facts are cited; other data is provided without support.	3–Some obvious facts are cited; other data is provided without support.	0–Statements are completely unsupported.	10%

 

 

Paper is written in a coherent, logical style using standards of proper written English. Paper is typed using a word processing program, proofread carefully, and virtually free of spelling, grammatical, and punctuation errors.

10—The paper meets this criterion.

7—The paper is typed, well written, and contains no more than 10 spelling, grammatical, and/or punctuation errors.

5—The paper is typed, has some issues with writing style and coherence, and contains no more than 10 spelling, grammatical, and/or punctuation errors.

3—The paper is typed, has multiple issues with writing style and coherence, and contains no more than 15 spelling, grammatical, and/or punctuation errors.

0— The paper is typed, has multiple issues with writing style and coherence, and contains more than 15 spelling, grammatical, and/or punctuation errors.

10%

 

 

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