The Essay Covers Australian Wine Industry, Perfect Competition, Price Discrimination, Externalities, Business Cycles, And HDI Of Australia.

Monopolistic Competition in Australian Wine IndustryThe features of Australian wine industry are similar to that of the monopolistic competition. Those are as follows:
Many producers and many consumers: The wine industry comprises of almost 2000 producers, but few major ones dominate the entire market. The consumer market is also very large and consists of domestic and international consumers.
Product differentiation: There are many variet…