The market structure known as OLIGOPOLY is of considerable importance in a modern market economy. Within the Australian economy, 'supermarkets' and 'banks' are industries that both exhibit the characteristics of this market structure.(a) Select THREE important characteristics of an Oligopoly market structure.For each such characteristic, define, explain and use a real world example to illustrate the chosen characteristic. (3 x 2 = 6)(b) Within the Australian economy, supermarkets and banks have recently been attracting media attention. Competition between firms in these industries is important as each firm seeks to maximise their profits.Select either 'supermarkets' or 'banks' in order to discuss and illustrate TWO differing ways in which firms in your chosen industry compete.NOTE: Competition can be both 'price' and 'non-price'. (2 x 2 = 4)