Analysing the Produce Market Industry

Standard economics response in essay form. No cover page or title pages required. Just simple reference list at the end. Question has two parts 500 words each. Essay to be written by an Australian writer who can write clearly and coherently but with simple explanations easy to understand – not too academic or technical it is only a post graduate diploma course. Textbook References: Stiglitz, J. E. (2014). Principles of economics. Milton: John Wiley & Sons – chapter 5 which I can attach later. Question is Analysing the Produce Market Industry
Produce markets, like the Adelaide Central Market in this module’s Learning Resources, are a common feature in most countries. These make for a good study because they, in many ways, represent monopolistically competitive businesses with easy-to-observe business practices.
Consider this industry segment and answer Parts 1 and 2 500 words each part:

Part 1
Look at a group of traders (for example those listed in the ‘Fruit & Vegetables’ section of the Traders page on the Adelaide Central Market website) and explain the essential features of these monopolistically competitive businesses that make up that group. If you were a prospective trader, what decisions would you have to make in order to capitalise on any market power you could potentially enjoy? What factors would allow your prospective business to continue trading given that other traders sell very similar or even identical products? Your explanation should be approximately 500 words.

Part 2
If you look at the fruit displays in the market place, almost every trader’s display is always piled high with produce. What are the implications of this for the stall holder’s long-run average total costs? Can you explain the reasons for this in the context of the ‘excess capacity theorem’ associated with the model of monopolistic competition? Justify your explanation in approximately 500 words.

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