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ECO162 (STADIO) Assignment 1 (QUALITY ANSWERS) Semester 1 2024 £11.30   Add to cart

Exam (elaborations)

ECO162 (STADIO) Assignment 1 (QUALITY ANSWERS) Semester 1 2024

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Exam study book Introduction to Economics of John Roscoe Turner - ISBN: 9780367246204 (error)

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  • March 13, 2024
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ECO162
Assignment 1 Semester 1 2024
STADIO
Due Date: April 2024



This document includes:

• Helpful answers and guidelines
• Detailed explanations and/ or calculations
• References



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, TASK 1A

a. Market Structures:

Company 1 - Oligopoly Competition

Apple Inc. operates in an oligopoly market structure in the technology
industry. The market is dominated by a small number of large firms, with
Apple, Samsung, and Huawei being the top competitors.




Company 2 - Monopolistic Competition

Coca-Cola operates in a monopolistic competition market structure in the
beverage industry. There are many firms competing in this market, but each
firm produces differentiated products.




b. Barriers to Mitigate Competition:

Oligopoly Competition:

• High barriers to entry: The technology industry requires substantial
capital investment and expertise, which makes it difficult for new firms
to enter the market and compete with established companies like
Apple.
• Product differentiation: Apple differentiates their products through
design, features, and ecosystem compatibility, creating brand loyalty
and making it difficult for other firms to compete directly.




Monopolistic Competition:

• Brand loyalty: Coca-Cola has built a strong brand image and customer
loyalty through extensive marketing and advertising, making it
challenging for new entrants to attract customers.
• Product differentiation: Coca-Cola offers a wide range of products



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