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QLDEconomicsQuick questions
Unit 1: Markets and models
Quick questions on Market structures and the role of the ACCC (QCE Economics Unit 1)
14short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the four market structures?Show answer
Market structures lie on a spectrum from most to least competitive.
What is the ACCC and the Competition and Consumer Act 2010?Show answer
The Australian Competition and Consumer Commission (ACCC) is the national competition and consumer protection regulator, established 1995.
What is recent competition issues?Show answer
Supermarket inquiry (2024). The ACCC investigated Coles and Woolworths after complaints about pricing, supplier relations and grocery affordability. Recommendations included:
What is natural monopolies and regulation?Show answer
Some industries are natural monopolies: high fixed costs and declining average cost mean a single firm produces more cheaply than competing firms.
What is costs and benefits of competition?Show answer
1. Lower prices for consumers. 2. Productive efficiency (firms minimise cost).
What is supermarket inquiry?Show answer
The ACCC investigated Coles and Woolworths after complaints about pricing, supplier relations and grocery affordability. Recommendations included:
What is merger reform?Show answer
Mandatory pre-notification of large mergers (over $50 million turnover) from 1 January 2026, replacing the voluntary regime. ACCC has stronger powers to block anti-competitive mergers.
What is digital platforms inquiry?Show answer
Five interim reports (2019-2024) addressing the market power of Google, Meta and Amazon. Proposed mandatory codes of conduct and competition rules.
What is energy market review?Show answer
The ACCC monitors retail electricity competition and gas markets. Default Market Offer caps and price disclosure rules introduced after the 2018 inquiry.
What is banking and financial services?Show answer
Royal Commission (2017-2019) led to ASIC, APRA and ACCC reforms, including breaking up vertically integrated wealth management businesses.
What is treating all big firms as monopolies?Show answer
Coles and Woolworths are an oligopoly, not a monopoly. The distinction matters.
What is forgetting consumer protection?Show answer
The CCA covers both competition and consumer protection (unconscionable conduct, misleading conduct).
What is treating monopoly as always bad?Show answer
Natural monopolies can be efficient if well regulated. The right question is how to regulate, not whether to break up.
What is quoting old statistics?Show answer
Use the 2024 supermarket inquiry, 2024 merger reform, and recent digital platforms reports.