Common features between oligopoly and monopoly

Order Description (a) Explain the differences and common features between oligopoly and monopoly using the key characteristic of market structures. (8 marks) In answering this question you need to Discuss the key features of oligopoly and monopoly such as number of sellers, type of product, entry conditions. Using diagrams, explain short run and long run profits and losses in oligopoly and monopoly. Describe how oligopoly can be evaluated. Comment on productive and allocative efficiency of oligopoly and monopoly (hint: compare it with perfectly competitive market structure). (b) Identify the market structure of the building and construction industry in your country. Outline the solutions to the housing affordability problem in your country that have been adopted by the government (use diagrams to analyse these solutions). Propose your own solution to the issue of housing affordability in your country based on economic principles. Using a diagram, analyse the effects of your solution on the housing market. (18 marks) In answering this question you need to Provide a brief description of your country's population, housing trends, housing demand and supply. Provide data for the building and construction industry including number of firms, employment, % of GDP, wages and salaries, turnover, profit. Identify the market structure of building and construction industry using key characteristics of market structures. Use real data from your country in supply-demand diagrams to illustrate the solutions.