Brisbane, Australi A Perfect Competitive Industry

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Recommended: Microeconomic principles

Brisbane, Australia, is the third largest city; where it serves up some of Australia’s best culinary finds. There is a marvellous collection of Brisbane restaurants with everything from stylish boutique eateries featuring top chefs from around the world to local diners than feature Australian specialities (ABC Integra, 2004). This essay will discuss the extent to which restaurants in Brisbane match the characteristic of a perfectly competitive industry both in the short and long run. Following that, this essay will elaborates on the pros and cons from an economic perspective, the characteristics of a perfectly competitive industry. Comparison between perfect competition and monopolistic along with examples will also be given to further illustrate the best market structures that fit …show more content…

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GAns, J., King, S., & Mankiw, G. (2003). Principles of Microeconomics: Second Edition. Australia: Thompson.

Layton, A., Robinson, T., & Tucker, I. (2002). Economics for today. Australia: Thompson.

Pindyck, R., & Rubinfield, D. (1992). Microeconomics: Second Edition. Singapore: Macmillan Publishing Company.

Quayle, M., Robinson, T., & McEachern, W. (1994) Microeconomics: A Contemporary Introduction. Australia: South-Western Publishing Co.

South-Western, Monopolistic Competition, viewed 20 April 2005, www.swan.econ.ohio-state.edu/econ200/chap17.ppt Suranovic, S. (1997). Model Assumptions: Monopolistic Competition: International Economics Study Centre, viewed 18 April 2005,

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