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Implications For Social And Economic Development

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Question:

Discuss about the Implications for Social and Economic Development.
 
 

Answer:

Introduction  

This essay is focused on the analysis of perfect competition monopoly, oligopoly and monopolistic competition in Australia. A market is the combination of the various structures which is analysed on the basis of seller, buyers and competition in the perspective market. Market structures are the important elements of economy, on basis of these strategic tactics are planned to emerge in the market as a leader (Bond and Hughes, 2013). Basically in economics there are four types of market structure such as perfect competition, monopoly, oligopoly and monopolistic. Market contains many features like number of firms, competitors, market share of leading firm and buyer’s structure. Market structure is formed on the basis of characteristics of a particular market. In study of microeconomics, market analysis is very important because of evaluate the performance of market leader and it is a quick guider for the new entrants in the perspective market (Whittington, 2015). Where, perfect competition is the familiar structure in which many buyers and many sellers exist so the competition is very high but the other structure have specific characteristics to as number of leaders, product differentiation and entry and exist suitability in the market.

This article is chosen for the analysis of different type of market structure. This article was published by the ABC news Australia and the author was Stepehn Letts. At the same time, it was published on 8 April 2016. This article discusses about the issue of marker structure in Australia containing the broadband market review. Topic of the article is “NBN to entrench broadband oligopoly” (ABC, 2016). It assessed that Australia is the market where pool of business exist and there is a tuff competition in the market. At the same time, the competition and consumer commission’s focus is changing towards the pricing policy for services. This article infers about the broadband market of Australia with different market structures. In Australian market there are many broadband leaders proving the open access service to the consumers such as NBN, Telstra, Optus, TPG and Vocus which are committed to connect the Australian households by cable and telecommunication network (Businessreviewaustralia, 2014). Along with this, there is an oligopoly type of market competition is striving. Oligopoly market is specific types of market where there are exists few seller and new market players can’t easily enter because of some market restriction. At the same time, monopoly is a situation where only one seller and many buyers exist and it is too typical to enter into the market (Filho, 2011). National broadband network is creating barriers for new entrants in the Australian broadband market. On the other hand, new player need to 100000 subscriber of broadband for equilibrium performance and if new players want to get the revenue than it requires 200000 cable access consumer from the Australian market. It is stated that new entrants are ready to tap the new market but it requires assessing the market performance to sustain in the market and need heavy investment in the broadband market. NBN is the major pillar for new comers in market and it hamper them to create the link in the market. It is assessed that Telstra’s performance in market is too high as it generated 80% revenue of the telecommunication industry in Australia so it have monopoly in the market and it can bound the new entrants to capture the market. If the monopoly of Telstra is removed than new player can easily enters. Further, in telecommunication market of country monopoly is losing and oligopoly is emerging because more than one leader is tapping the market (Telstra, 2017). It is difficult for the company to urge the monopoly for long time because technology is one reason which force back to new entrants. It is beneficial for the oligopoly marketer to sustain for long time to preserve the competitive advantages because the rate of new entrants is very low as compare to other market. Perfect competition and monopoly market has the control over new entrants but the monopolistic market structure does not force to company to entering.

 

From the evaluation of article is found out that market leader firms impact the business of new entrants in the perspective market because of their competitive advantages as strong consumer base. At the same time, NBN is the market leader in the telecommunication sector of Australia and it is creating challenges for new market players (Tyres, 2014). Further, NBN’s policy is to introduce the high speed fiber cable in the market which would impact the competitors. With this it is delivering the reliable service to the customer of broadband service. From the analysis it is conceived that the future telecom market of Australia would be very competitive because of new technology, advanced cloud computing and innovative products (Venture consulting, 2011). Moreover, monopoly in this sector forces the existing players to come up with new technology and gain the competitive advantages over the market.

Different types of market structures

Every market structure has its own unique characteristics to deploy in the current market. Monopoly and oligopoly market are similar at some aspect as both of types restricts the new entry. On the other hand, perfect competition and monopolistic competition has no bound to enter and exit the new player and these market structures have homogenous and heterogeneous product to offer. In Australian market new technology would pace the growth of the market and NBN would be leading player in the market.

Conclusion

On the basis of above analysis it can be concluded that Australian telecommunication market is experiencing the tuff competition and it would be more critical when new players would enter in the market. It is also analyzed that this market tempting the monopoly of Telstra but the NBN ltd is creating barriers for new market players. It is also concluded that market contains the different structures on the basis of seller, buyers and competition level. Further, the takeover of the companies has also impacted the market player and resulted into the losing broadband subscribers. It is very difficult for the new player to enter into the new market and sustain for long time by facing challenges of current market.

 

References

ABC, (2016) NBN to entrench broadband oligopoly: analysts. Available at: https://www.abc.net.au/news/2016-04-08/nbn-to-entrench-broadband-oligopoly/7310228 (Accessed: April 26, 2017).

Bond, T. and Hughes, C. (2013) A-level Economics Challenging Learn-By-Example (Yellowreef). UK: Yellowreef Limited.  

Businessjargons, (2017) Oligopoly Market. Available at: https://businessjargons.com/oligopoly-market.html (Accessed: April 27, 2017).      

Businessreviewaustralia, (2014) Australia’s Telecom Giants: The Future of Competition in the Industry.         

Filho, C. (2011) A Legal Theory of Economic Power: Implications for Social and Economic Development. USA: Edward Elgar Publishing.      

Neff, R. (2014) Introduction to the US Food System: Public Health, Environment, and Equity. USA: John Wiley and Sons. 

Telstra, (2017) https://www.telstra.com.au/broadband/nbn/what-is-the-nbn (Accessed: April 26, 2017). 

 Tyres, R. (2014) SERVICE OLIGOPOLIES AND AUSTRALIA’S ECONOMY-WIDE PERFORMANCE. Available at: https://www.business.uwa.edu.au/__data/assets/pdf_file/0005/2585102/14-18-Service-Oligopolies-and-Australias-Economy-Wide-Performance.pdf (Accessed: April 26, 2017).

Venture consulting, (2011) The impact of the Australian National Broadband Network on the Communications Sector: A forensic view. Available at: https://www.ventureconsulting.com/assets/NBN-A-forensic-view2.pdf (Accessed: April 27, 2017).     

Whittington, O. (2015) Wiley CPAexcel Exam Review 2015 Study Guide (January): Business Environment and Concepts. USA: John Wiley and Sons.   

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