Woolworths trails Coles on grocery prices: Macquarie analysis shows
1. What type of market structure do Australian supermarkets like Coles and Woolworths operate in? Justify your answer with reference to some limited research and economic theory.
2. Based on economic theory, what effect would Woolworths decreasing its prices have on its revenues? Why? You may want to draw a diagram to support your answer.
3. In a perfectly competitive market for apples explain would happen in the shortrun to the market and to individual producers if the price for pears went up. Demonstrate your answer using a diagram. With reference to the same diagram show what would happen to the market and individual producers in the long-run.
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