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Page 1 of 5NAME:ID NO:Tutors name:ATMC BUS502 Principles of Economics for Accountants Semester One 2018Assessment task 2 Responses to articles - Article 3DUE via Safe Assign 9pm Sunday 3rd JuneNew research shows how petrol retailers pushed prices up in Perth By David Byrnefrom The Conversation 13th February 2017 is available at:https://theconversation.com/new-research-shows-how-petrol-retailers-pushed-pricesup-in-perth-72792Access the article at the URL given above and read it carefully. Based on your reading,answer the questions in the spaces below. Use full sentences and show all necessaryworking. Other references are not necessary but, if you do use any (for example, onlineeconomics glossaries) please list at least the URL of your source. Marks are shown and total[15].(1)According to the article big petrol retailers are using price setting and collusion toinflate the price of the petrol in Perth. Explain what this means in terms of marketconduct and discuss at least two other types of unfair attempts to exert marketpower.[4]Price setting-Normally, the price of goods in the market is set by the levels of demand andsupply. Price setting refers to the sellers of goods setting prices that are higher than the priceset by demand and supply levels. The price set should be high enough so that it covers thecosts involved in production and to ensure the organisation remains profitable. There aretwo types of pricing, that is cost pl ...


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