Reference no: EM132395481 , Length: 1400 Words
ASSIGNMENT -
Read and understood the information provided on this AA Poly's standard assignment cover sheet relating to plagiarism and other unacceptable behaviour.
Question 1 - Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (about 250 words).
a. number of firms in the market
b. similarity of the products sold
c. barriers to entry
Question 2 - Based on your understanding of each market structure described in Question 1, state which market structure you think each of the following businesses belong to.
Explain your choice with a short description of which characteristics of the chosen market structure they display. Answers with no explanation will score only half the marks.
i. Aldi Supermarket in your city.
ii. A tatoo parlour in your city which promotes itself to be perfect for females wanting tatoos.
iii. Crown Casino in Melbourne.
iv. Commonwealth Bank of Australia.
v. Academies Australasia Polytechnic.
vi. A small store among many other similar stores in your city's Sunday market that sell souvenirs that are almost identical such as wallets, caps, tee-shirts, key chains.
vii. A café in Melbourne or Sydney selling fresh cakes, coffee and tea.
viii. Iphone and Samsung in the mobile phone industry.
Question 3a - Explain what "Non-price competition" means. (About 30 words).
Question 3b - Give three examples of how firms engage in non-price competition. (About 80 words).
Question 4 - Explain the term "mutual dependence" and which market structure experiences it the most. (About 50 words).
Question 5 -
What is the name given by economists to such a demand curve that is shown above. State which market structure it is most likely to be found and explain how it works. (About 50 words).
Assume IPhone and Samsung and one or two others are major providers of phones and that have about 70% pf the market. Use this example to demonstrate kinked demand curve.
Required: A reference list/bibliography and proper in-text referencing for all questions.
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