Year 12 Recap - Competition
Next up on our Year 12 Recap is the theory of competition.
If you are in Year 12, it is essential that you are confident with the basic characteristics of a range of different market structures, as well as the factors which affect the level of contestability in the market.
Competition refers to the extent in which rival firms compete with each other within a market space. The level of competition within a market significantly affects the level of efficiency and welfare that persist in the market. The graphical representation of the market spectrum is not required at Year 12, but the theory behind the different market structures is needed to help provide you with a firm knowledge base to take into Year 13.
Here Jacob guides you around the theory of competition:
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