The Australian airline industry is largely dominated by Qantas, Virgin Blue and Jetstar with a market share of about 90%. Answer the questions below. a) What is the market structure in which Qantas, Virgin Blue and Jetstar operate in Australia? Explain your answer using the market structure characteristics for the 3 firms (Qantas, Virgin Blue and Jetstar). (4 marks) ANSWER a): b) Use a figure to explain what you understand by the term “Kinked demand curve” for Qantas, Virgin Blue and Jetstar market structure.
