Market Structures of Perfect Competition - Monopoly - Monopolistic Competition and Oligopoly - Economics Assessment Answer

Internal Code: E_AI_DHCF_AEH TASK: Question 1 Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings. i. number of firms in the market ii. similarity of the products sold iii. barriers to entry Question 2 Identify the market structure Coles operates in. State your reason why. Question 3 Discuss how Coles would consider the demand for its eggs in terms of elasticity – perfectly elastic; elastic; inelastic or perfectly inelastic? Draw its demand curve to illustrate this. Explain your choice. Question 4 What is the term used to describe the new strategy that Coles is adopting to increase market share? Describe how it works. Question 5 From the same reading above, identify any two (2) methods used by Coles to compete without reducing the price. Question 6 Use the Demand-Supply model to illustrate the likely effect on the price of vegetables as a result of the weather, ceteris paribus. Question 7 Briefly discuss any two differences in the market structure that Coles belongs to with the market structure Monopolistic Competition. Question 8 State which market structure that you think each of the following businesses best belongs to. Explain your choice. i. the only cobbler in a country town ii. McDonalds Restaurant in your city iii. Metro Trains in Melbourne and Sydney Trains iv. National Australia Bank v. Academies Australasia Polytechnic vi. A small stall in one of Melbourne/Sydney’s Sunday markets that sells souvenirs such as wallets, caps, tee-shirts, key chains vii. A car workshop or hair salon in your city viii. Iphone and Samsung in the mobile phone industry.

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