Exam (elaborations)
ECO162 (STADIO) Assignment 1 (QUALITY ANSWERS) Semester 1 2024
Exam study book Introduction to Economics of John Roscoe Turner - ISBN: 9780367246204 (error)
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ECO162Assignment 1 Semester 1 2024
STADIO
Due Date: April 2024
This document includes:
• Helpful answers and guidelines
• Detailed explanations and/ or calculations
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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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