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BUS502 Principles Of Economics For Accountants

tag 0 Download 2 Pages / 484 Words tag 30-10-2020

Question

Assessment task 2 – Responses to articles - Article 3

“New research shows how petrol retailers pushed prices up in Perth” By David Byrne from The Conversation 13th February 2017 is available at:

1. According to the article big petrol retailers “are using price setting and collusion” to inflate the price of the petrol in Perth. Explain what this means in terms of market conduct and discuss at least two other types of unfair attempts to exert market power.

2. Referring to the article explain how a cartel operates; then, illustrate and carefully analyse what are the effects of this type of behaviour on total welfare using the simple demand and supply diagram below.  

3. Petrol supply is considered an example of oligopoly. Carefully explain in your own words the characteristics of this type of market structure.

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