An overview of oligopoly within the Australian airline industry with a focus on Qantas, Virgin and Tiger airlines.
Written in 2008; 1,142 words; 4 sources; MLA; $ 39.95
Paper Summary:
This paper explains the theory of oligopoly and discusses how Australia's airline industry provides a solid example of an oligopoly market. It uses case studies of Qantas, Virgin and Tiger airlines to demonstrate how all need to employ profit-maximising strategies that take into account the likely response to the strategies of other firms.
Outline:
Introduction
Case Study
From the Paper:
"The combined profits of firms in an oligopoly can be maximised if they act together as a monopolist. Under "normal" conditions it is expected that firms in an oligopoly will collaborate to produce the optimal conditions for themselves. This leads to a practice known as price-fixing, whereby business competitors agree to sell a virtually homogenous product at the same price. The agreement itself is known as a cartel. Since the practice is anti-competitive, and economically inefficient according to neo-classical economics, it is illegal under the Trade Practices Act and has been the subject of a recent scandal in the airline industry worldwide."
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