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Read the above articles and answer the following questions: a) In your opinion, what type of market structure do Australian Banks operate in? Justify your answer with reference to the above article, research and theory. (5 marks)
Critically compare a collusive oligopoly market structure with perfect competition in terms of price, output, allocative efficiency and consumer and producer surplus. Support your analysis with economic theory and graphs. (10 marks)
Are there any situations where a market structure with less competition has some benefits? Why or why not? Briefly explain your answer with reference to at least two sources