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Market Structures In Australia : Market And Characteristics

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Question:

Describe about the Market Structures In Australia for Market and Characteristics.

 

Answer:

Introduction

Market structure is the organization of a given market, policies guiding the market and characteristics of the market. Market structure can also be regarded as a reflection of the critical aspects in a given market. A market structure constitutes of factors such as the number of companies within a given industry, categories of products being produced, and the freedom a firm to join and exit a given industry and the number of customers available within the market as discussed in in the content of this paper.

The ability and inability of a given firm to influence the market operations through price determination is also factor within a market structure. In any given market structure, the rate of competition is influenced by the ability a firm within the industry high or low ability to dictate the prices in the market. From the perspective of a market structure, the lower the inability of a firm in an industry to influence the market the higher the rate of competition (Marshall and Baker 2012). All companies and business in Australia can be attached to a given market structure. There are four market structure which are attached to the business and firms in Australia.  These market structures include: monopoly, oligopoly, monopolistic competition and the duopoly market structure. The paper analyses the four types of market structures and how they organized in Australia.

Discussion

Oligopoly market structure

 Oligopoly market structure is a type of a market structure in which a few firms within a given industry control the market. This is market structure is composed of low number of firms within the industry due to various barriers which hinder several firms from joining the industry (Finn 2010).  The freedom of joining the Australian oligopolistic market structure is prevented by several factors such as the patent rights given by the Australian government to firms within this market structure.   

Another factor hindering entry of firms in the market is financial required in order to venture into business related to this kind of market structure. In Australia oligopoly market structure is composed of two major supermarket chains that’s Coles and Woolworth supermarkets (Mazzeo 2002). These two chain stores controls a round seventy to eighty percent of the market shares covering all the market standards. In an oligopolistic market structure firms deal with different types products. This differentiations comes as results of branding, sorting and the kind packaging a firms decides on. The market structure is full of coordination since one firm’s decisions affect the other firm.

Characteristics of Australian oligopoly.

  • The firms in this market tend to use similar price tags for products
  • Products are differentiated from each other
  • Firms avoid price wars
  • The market is more of sales competition rather than price
  • The three is use of a kinked demand curve in price determination

Monopoly

Monopoly is a market structure where there is only one seller in the whole market. The single seller in the market deals with a specific product with no any close substitute. Monopoly can occur naturally or legally (Katsoulacos and Xepapadeas 2009). Natural monopoly happens as a result from the barriers such as prices and raw materials while legal monopoly happens as result of protection given by the Australian government such as the franchise, government and patent and copyright. The market is made up of one seller and several sellers. The seller determines and sets the prices in the market and can at some level apply different degrees of price discrimination to obtain the profit target. There are different types of monopoly in Australia ranging from governmental monopoly, technological monopoly, natural monopoly and natural monopoly.

 

Characteristics of monopoly market structure

  • The market is composed of a single seller or producer in the market
  • The product in market has got no close substitute
  • There is barrier to entry and exit of the market
  • Both seller and the buyer have the same information concerning the product

Monopolistic competition 

A monopolistic type of market structure which involves several seller and buyers. The sellers in the market deal with differentiated products from one another either as a result of quality or branding. The products offered in a monopolistic competition market structure are almost them though lack perfect substitutes. In this type of market structure firms take prices set by other firms in the market without any consideration of their own prices (Nadal at.al 2005). Monopolistic competition market structure unlike perfect competition maintains spare capacity. Most of the firms making up this type of market structure are the modeling firms in Australia.

Characteristics of monopolistic competition market structure

  • The market is made up of several buyers and sellers whose activities do not affect each other
  • There is freedom for entry and exit
  • The sellers in the market determine the prices

Perfect competition market structure

The perfect competition market is a kind of market structure which meets the market equilibrium (Buchanan and Callus 2013). The market meets perfect conditions.  This kind of market structure meets the following and is always imaginary and does exist in the real life situation.

  • Large number of sellers and buyers: the market is made of several sellers and buyers. Both the parties have the willingness and ability to buy and sell goods at a given price
  • Perfect competition: buyers in a perfect competition all the buyers have knowledge about the market and the prevailing prices
  • Products in the market are homogeneous: products in the market have perfect substitutes
  • All firms in the market are price takers: there is no single firm determining the price of products in the market
  • Freedom of entry and exit: firms in a perfect competition market are allowed to enter in to the market and exit any time they are willing

Conclusion

A market structure is made up four main structure each having its own characteristics.  Australian competition market is made up of oligopoly, monopoly and monopolistic market structures. The perfect competition market is an imaginary market structure which does not exist in the real Australian market.  Firms and business in Australia are attached to the either of the market structures discussed above. All the firms and businesses in Australia have the freedom to join any market depending on the line of production, willingness and the availability of resources.

 

References   

Buchanan, J. and Callus, R., 2013. Efficiency and equity at work: The need for labour market regulation in Australia. Journal of Industrial Relations, 35(4), pp.515-537. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.323.4044&rep=rep1&type=pdf

Finn, M.G., 2010. Perfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit and banking, pp.400-416.

Katsoulacos, Y. and Xepapadeas, A., 2009. Environmental policy under oligopoly with endogenous market structure. The Scandinavian Journal of Economics, pp.411-420.

Marshall, D.C. and Baker, R.G., 2012. The evolving market structures of gambling: Case studies modelling the socioeconomic assignment of gaming machines in Melbourne and Sydney, Australia. Journal of gambling studies, 18(3), pp.273-291.

Mazzeo, M.J., 2002. Product choice and oligopoly market structure. RAND Journal of Economics, pp.221-242. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.472.7484&rep=rep1&type=pdf

Nadal, J.P., Phan?, D., Gordon, M.B. and Vannimenus, J., 2005. Multiple equilibria in a monopoly market with heterogeneous agents and externalities. Quantitative Finance, 5(6), pp.557-568.

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