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Consider the market for `over-the-top' video entertainment as it existed in the 1980s and 1990s in Australia, providing offline video entertainment initially through independent rental video stores, and later on also through rental video chains (such as Blockbuster and Video Ezy). Describe and define the market structure in that market. Provide evidence and arguments in support of your claims (related to market structure). Your discussion could address issues such as the number of sellers, product characteristics, how price is determined, whether firms make profits and entry/exit to this market.

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