Question 1: Examine and contrast the market structures of Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly using the following criteria below (remember you need to answer all the market structures individually for the 3 criteria's below - About 150 words)

1. Number of companies operating in the market

2. Similarity of the goods or services offered.

3. Obstacles preventing new businesses from entering the market.

Question 2 Note: This question tests your understanding of your reading of the recommended text on market structures in Question 1. 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. Support your answer with an explanation of which characteristics of the market structure your answer displays. Answers with no explanation will score only half the marks. i. Crown Casino operating in Melbourne or Star Casino operating in Sydney ii. Crown Casino or Star Casino operating in the global casino market ii. A fish and chips take away shop that can be found in most suburbs. v. Google search "List of banks in Australia" to see how many banks operate in Australia and give reasons to support the argument that the banking industry in Australia has the market structure on an Oligopoly. V. A small stall in one of Melbourne/Sydney's Sunday markets that sells souvenirs such as wallets, caps, tee-shirts, key chains i. A hair salon in your suburb that makes the effort to provide a service that is "just a little bit better" than its competitors including cleanliness, efficiency, friendly service, promptness,knowing customers by name, pleasant experience and of course a great hair. do. The only drive-in cinema in town. ii. The liquor retailing industry in Australia (Refer to attached limited IBIS report) (8 marks)