Perfect Competition And Real Estate Agencies
Introduction
Real estate agencies in Brisbane are dealt with on a daily basis. The focal point of this paper is to analyse firstly to what extent Brisbane real estate agencies match the characteristics of a perfectly competitive industry. Secondly it will examine the pros and cons of the industry in relation to welfare implications using producer and consumer surplus concepts. This paper will not state which market structure real estate agencies fall under, it is just to what extent the agencies fit into a perfectly competitive industry.
Real Estate Industry
There are many papers which argue what market structure real estate agencies fall under. Coiacetto (2006, 1, Online) argues “that it is not necessarily a competitive industry and, in some instances, can be highly oligopolistic.”
GAO (2005, 8, Online) says the industry does have competitive attributes but these are based on non-price variables such as such as quality, reputation, or level of service, than on......
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Approximate Word Count: 1355
Approximate Pages: 6 (250 words per double-spaced page)
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