HI5003 Economics for Business- Monopolies, Duopoly and Oligopoly in Australia
Added on 2020-03-13
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Running head: MONOPOLIES, DUOPOLY AND OLIGOPOLIES IN AUSTRALIAMonopolies, Duopoly and Oligopoly in AustraliaName of the StudentName of the UniversityAuthor note
1MONOPOLIES, DUOPOLY AND OLIGOPOLIES IN AUSTRALIATable of ContentsIntroduction......................................................................................................................................2Essence of the story.........................................................................................................................2Economic theories and concept.......................................................................................................3Oligopoly.....................................................................................................................................3Duopoly.......................................................................................................................................5Monopoly.....................................................................................................................................5Recommendation.............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................8
2MONOPOLIES, DUOPOLY AND OLIGOPOLIES IN AUSTRALIAIntroductionDepending on the presence of number of buyers and sellers in the market, different formof market exists in the economy. Other than perfectly competitive market, all other forms ofmarket are known as imperfectly competitive market. In every form of imperfectly competitivemarket, sellers enjoy some market power. The extent of market power varies depending on thespecific form of market. In the paper, prevalence of imperfectly competitive market in Australiais examined. Like any other nation, there is a long held monopoly structure in thetelecommunication industry in Australia. Telstra is the monopolist in market. However, withincreasing competition from a close rival, Singtel-Optus the structure is becoming a duopoly one.A recent article published on the possibility of having a duopoly structure in phone and internetmarket is reviewed.Essence of the storyIn Australia, there are duopoly structures in the supermarket and airline business.Woolworth and Coles are the two-duopoly players in the supermarkets. In Airline Qantas andVirgin Australia are running the duopoly business. The next segment in the Australian economythat is going to experience a duopoly structure is the telecommunication sector. The chiefexecutive of Optus their marketing strategy and corresponding market share as published in the‘The Sydney Moring Herald’ (Ramli, 2017). The other large telecom companies includeVodafone Hutchison, TPG telecom and one or more others. They are also trying hard to increasetheir market share but Singtel- Optus alone left all these competitors behind. TPG telecom hasovertaken iiNET increase its strength in the telecom industry but this does not make any majordifference I the composition of telecom industry.
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