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 (9 marks) 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 maket 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 A small store among many other similar stores in your city’s Sunday market that sell
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