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.

-Monopoly of below

-Oligopoly of below

• Definition or nature
• Number of firms
• Product type
• Competition
• Competition type
• Price determination
• Product Pricing
• Pricing controls
• Profit maximisation
• Entry barriers