Question 1: You have been recently appointed as an economic advisor to an ASX listed financial institution and have been tasked to brief the Board of Directors on markets structures for a Monopoly and an Oligopoly.

Required:

Differentiate for these specific characteristics, stating examples.

State your answer in the column provided.

Question 5 (10 marks) You have been recently appointed as an economic advisor to an ASX listed financial institution and have been tasked to brief the Board of Directors on markets structures for a Monopoly and an Oligopoly. Required: Differentiate for these specific characteristics, stating examples. State your answer in the column provided. (1 mark each) [Answer here] Characteristic Monopoly Oligopoly Definition or nature Number of firms Product type Competition Competition type Price determinationProduct Pricing Pricing controls Profit maximisation Entry barriers