Assessment item 4: Essay Question
Answer the following question ensuring that you apply economic principles or theory related to the concepts of benefits, costs and market structure in which a firm operates to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answer with diagrams and illustrative examples as necessary.
Question (10 marks)
Identify, from Australian industry, examples of monopoly and monopolistic competition and explain how and why governments may engage in policy intervention with respect to monopolies but not do so with respect to firms operating in a monopolistically competitive industrial structure.
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