The typical firm in the Australian economy is classed as:
A) perfectly competitive
B) an oligopolist
C) imperfectly competitive
D) government-owned

Question

Quizplus · Accepted Answer

The Australian economy is characterized by a mix of competition levels. While there are some firms operating in a perfectly competitive market, such as small retailers, the majority of firms operate in an imperfectly competitive market where they have some control over prices due to brand recognition or product differentiation. Oligopolies are also present in some sectors, such as banking and telecommunications, but they do not represent the typical firm in the Australian economy. Government-owned firms are also limited in number and represent only a small portion of the economy.

The Typical Firm in the Australian Economy Is Classed As