What is meant by competition in the supermarket sector of the Australian economy, and is it desirable?

In 2019, Woolworths had 33% of the total grocery market in Australia, Coles held a 27% share, and the balance was shared by Aldi, Fresh Food Stores, IGA and other smaller supermarkets. What is meant by competition in the supermarket sector of the Australian economy, and is it desirable? To answer this question, you need to compare the theoretical explanations of TWO schools of economic thought and explain why you think one view provides a better explanation of social reality.

Your essay must discuss TWO different schools of economic thought AND use the question’s real world example to illustrate your answer. Your essay should consider and compare the distinctive position of two of the following schools of economic thought – Classical Political Economy, Marxian Economics, or Neoclassical Economics. Each school has a distinctive position on each topic—market exchange, competition, and profits. You need to explain and illustrate these differences using the nominated real world example.

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For this essay, you are required to write 2250 words (not less than 2025 words and definitely not more than 2475 words). At the end of your essay, you will include a list of references that you cite in the text to support your argument. The reference list is not part of the word limit.

This essay is a research task. You must search for material that will give you different insights.
You need to draw on at least FOUR scholarly works (books and journal articles). Draw from your readings those aspects that are directly relevant to answering the question. You should try to write a carefully reasoned essay.

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