Effect of Oligopoly on Economy - 1549 Words

OLIGOPOLY INTRODUCTION In this topic the oligopoly form of market is studied. You will learn that fewness of firms in a market results in mutual interdependence. The fear of price wars is verified with the help of the kinked demand curve. Collusive forms and non-collusive forms of market are analyzed. The economic effect of the oligopoly form of market is presented. OLIGOPOLY CHARACTERISTICS The oligopoly form of market is characterized by - a few large dominant firms, with many small ones, - a product either standardized or differentiated, - power of dominant firms over price, but fear of retaliation, - technological or economic barriers to become a dominant firm, - extensive use of nonprice competition because of the fear of price†¦show more content†¦Such a concerted and deliberate action is the form of collusion which is prohibited. OLIGOPOLY PROFIT The profit of firms in oligopoly is determined exactly in the same fashion as in other forms of markets: from optimum quantity where marginal revenue equals marginal cost, price is determined on the demand curve and unit cost on the average total cost curve. However, this determination may be affected by the kinked demand curve. Furthermore, in a collusive oligopoly, all the firms act as if they constituted one monopoly and the output is divided up among firms. OPEC acts as a monopoly by restricting output of its members with quotas. Each member shares in the profits of the would-be monopoly, but does not set price and output independently. CARTEL A cartel is an official agreement between several firms in an oligopoly. The agreement sets the price all firms will charge and often specifies quotas or market shares of the various firms. Cartels are illegal in most countries of the world. OPEC is a major example of a cartel. It exists because it is beyond the control of an individual country. OPEC is naturally the prototype of a successful cartel. Output quotas of its members produced staggering price increases (from $1.10 to $11.50 per barrel in the early 1970s, and up to $34.00 in the late 1970s: an increase of 3400% in ten years). Recent OPEC difficulties are also characteristic of cartels: newShow MoreRelated The Main Categories of Market Structures Essay1668 Words   |  7 Pagesessay based on three questions divides into 3 parts to explain and evaluate the questions. This essay (PART A) outlines the main categories of market structures, and shows the theoretical features of two of them, i.e. Perfect Competition and Oligopoly. This essay (PART B) evaluates upon the most relevant structure in regard to the UK supermarket industry. This essay (PART C) shows the implications for the UK supermarket industry of the Morrison to take over Safeway. Additionally, inRead MoreMarket Structures Of The Market1198 Words   |  5 Pagesvirtues. Markets are the heart and soul of a capitalist economy, and varying degrees of competition lead to different market structures, with differing implications for the outcomes of the market place. This entry will discuss the following market structures that result from the successively declining degrees of competition in the market for a particular commodity. These elements are perfect competition, monopolistic competition, oligopoly, and monopoly. Based on the differing outcomes of differentRead MoreMarket Structure and Analysis 996 Words   |  4 PagesThere are a few different market structures, competitive market, monopolies, and oligopolies. According to Mankiw (2007) competitive market, also known as monopolistic competition or â€Å"perfectly competitive market† is defined as â€Å"a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker† (Pg. 290). In this market structure there are two characteristics: there are many buyers and many sellers in the market and the goods offered by the various sellersRead MoreMonopoly Between Monopoly And Oligopoly1561 Words   |  7 Pagesdrive their opponents into bankruptcy. However, the game Monopoly was designed to demonstrate an economy that rewards wealth creation and the domination of a market by a single entity. Monopoly and Oligopoly are economic conditions where monopoly is the dominance of one seller in the market and an oligopoly is a number of large firms that dominate in the same industry. Even though monopoly and oligopoly coexist in the same market, they do have some differences. In many cases, monopolies arise becauseRead MoreMaximizing Profits in Market Structures Paper1129 Words   |  5 Pagesfactors such as: the ways in which these firms are alike or different, and the obstacles that exist in any new firms entering that market. In this repo rt I will discuss Competitive Markets, Monopolies, and Oligopolies. I will point out what role each of the market structure play in the economy. This report will list the characteristics of each market structure. I will share how the price is determined in each market structure in terms of maximizing profits. This report will share how the output isRead MoreConditions and Consequences of a Price War.1402 Words   |  6 Pagesmany reasons for which a price war may occur, in all cases the reason for starting the price war is different but the reason for its continuation is not to lose sales. They are when a firm attempts to maximise capacity, for survival purposes, in oligopoly markets, where there are homogeneous products and when a firm adopts a penetrative pricing strategy. Excess capacity refers to a situation where a firm is producing at a lower scale of output than it has been designed for Excess capacity http://statsRead MoreEconomic Analysis of an Oligopoly Market Structure1715 Words   |  7 Pages1. Introduction 1a. Article Summary In this article Michael Baker discusses the livelihood of small retailers in a market subjugated by the financially dominant oligopolies, Woolworths and Coles. While the small independent retailers in direct competition with Woolworths and Coles provide some competitive respite for consumers, as they encourage competitive pricing, albeit predatory pricing, it is clear that Woolworths and Coles control the supermarket industry in Australia, in the formation of aRead MoreMarket Structure Of An Economics Perspective Essay1728 Words   |  7 Pagesperfect competition, monopolistic competition, oligopoly, and monopoly. Economist assembled the four market structures into two groups; perfectly competitive market and imperfectly competitive market, which are vastly distinct when it come to the different market competitions that need to be satisfied. A major issue for existing firms in some market structures is the entry of new competitors, and this is because of the potentially unfavorable effects new participants might have on the market s realRead MoreDifferent Types Of Market Structures1413 Words   |  6 Pagesincludes near impossible entry and no substitute goods. Two more common market structures are monopolistic competition and oligopoly. Monopolistic competition has a large number of sellers producing different products, while an oligopoly has only a few number of sellers producing similar products. All in all pure competition, pure monopoly, monopolistic competition, and oligopoly are all unique market structures with differing characteristics, but have one main goal, profit maximization. A pure competitionRead MoreThe Monopoly And Monopoly Industry1565 Words   |  7 Pages Has the economy ever thought about direct impact from monopoly and oligopoly industries? The structure of a monopoly based industry exemplifies one seller in the entire market. On the other hand, the concept of an oligopoly industry illustrates few sellers that have the potential of making a direct impact in one single industry idea. The economy has depended on the market share of a monopoly and an oligopoly trade. However, a monopoly industry differs from an oligopoly industry due to a monopoly

The Ideas Of Discrimination And Employment Problems

Reading through the prompt at first I felt flustered because I did not know what country to pick. But through some research and investigation I’ve concluded that for this paper India would be a great candidate, what specifically interested me was the fact that India is much different compared too many other countries, they are a wealthy country and have many different cultural views compared to others. The main topics I am going to talk about throughout this paper are the ideas of discrimination and employment problems people with disabilities in India face. The definition of discrimination is the unfair or prejudicial treatment of people or things, especially on the grounds of race, age, or sex. The reason I felt these two topics were important is because they go hand in hand; you can be easily discriminated against while trying to find a job based on skin color, gender, etc. First, I will discuss the problem with discrimination and women in India. Secondly, I will go over em ployment how it affects people with disabilities To start off I am going to talk about discrimination in India and more specifically how it affects women with disabilities. The first thing I want to leave you with is a quote from a source that I found very interesting, â€Å"Women and girls with disabilities in India are forced into mental hospitals and institutions, where they face unsanitary conditions, risk physical and sexual violence, and experience involuntary treatment, including electroshock therapy.Show MoreRelatedEssay on Discrimination and Food Chain Supermarkets1040 Words   |  5 PagesLakisha Richardson â€Æ' Abstract This analysis explains the thoughts and ideas about Case 10: Analyzing Promotion Data. It references the problems noted and within the case as well as the legal issues that apply. 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C2E TODAY (Committed 2 Equality) shows that in spite of large UK companies declaring that they have eliminatedRead MoreRacial Discrimination : Black And Middle Class1527 Words   |  7 Pagesreasons. The white has a major advantage and doesn t have to do anything to earn it. The unemployment rate of blacks with a college education is 5 percent higher than that of whites and one of the main issues creating that statistic is racial discrimination. Employers will try to use different excuses and make different claims on why they hired the white over the black but they are mainly nonsense. They may say they liked the way the person acted or maybe they came off more respectful but the blackRead MoreAffirmative Doublethink919 Words   |  4 Pagesbelieve two contradictory ideas/opinions. These ideas and opinions can contradict, logically, morally, and factually. Doublethink can both attack an idea and defend it. Doublethink can represent a solution that only aids the problem. There are many uses of dou blethink in our present-day societies that are used globally. For example, discrimination against race, gender, and ethnicity is still a large issue and several doublethink policies and social customs promote discrimination even more in effortsRead MoreAge Discrimination At The Workplace Essay1574 Words   |  7 Pages Mrs. Jeanie Gay Lewis Age Discrimination in the Workplace Human Resource Management Dr. Melissa Mann 9-20-2016 1 Introduction An all encompassing definition for age discrimination in the workplace is the practice of excluding applicants for hire or promotion based on the age of the individual. Related to the factor of age, age discrimination is an approach that does not focus on skill levels and job competency, and places emphasis on the calendarRead More Meacham v. Knolls Atomic Power Laboratory Essay1265 Words   |  6 Pagesdisparate impact effect on the older workers are now considered to be actionable under one national anti-discrimination law (Hamblett, 2004). The case does reaffirm a second Circuit precedent that had been set but which is at odds with what a majority of federal courts have held. The appeals court supported the idea that a layoff plan had been properly brought under the The Age Discrimination in Employment Act of 1967 (ADEA) although the company did not have the intention of discriminating. TheRead MoreRacism And The World s Greatest Issues Today Essay1270 Words   |  6 Pagesexists everywhere and it is about time that individuals start thinking about solutions to this problem. Many people assume that it depends on if an individual was brought into the world as a racist or not but that is not the case at all. In fact, an individual cannot be born a racist but only learn to become one as they develop from child to adulthood. Basic causes for this problem include mainstream ideas, institutions, government standings, and family influences. When most people think about the

How Are Truth and Lies Conveyed Essay Example For Students

How Are Truth and Lies Conveyed? Essay Arthur Miller was a Jew living in 1950s America. At this time, the Senator, Joe McCarthy, led an anti-communist movement. American citizens would be forced to give all names of people involved in un-American activities. If those accused did not stand before the committee, they would be blacklisted and they would have problems finding jobs.  Arthur Miller himself was accused of communism and he wanted to display his feelings about this matter. The story, The Crucible is based on fact but it is an allegory. Miller used an event, the Salem witch trials, which occurred many years before, to reflect his views on the anti-communist hysteria. He believed that both events were very similar in the way that both involved people accusing others to protect themselves. The play is set in Salem, Massachusetts, which was a theocratic society, which means that it was governed by the church. It was a very strict society and no pleasure was tolerated. In fact, people who indulged themselves in pleasure would be excommunicated. People at that time would have believed in witchcraft and the supernatural, and they would accuse people they didnt like of being witches because they knew that it would be regarded as a very serious crime and the punishment would be severe.  The puritans were very strict Christians who would have been persecuted in Britain because of their religion. They emigrated to the east coast of America for a new life. They believed that witches were partners to the devil and the puritans searched Salem for supernatural activity. The Crucible tells the story of how people in Salem would accuse others of being witches to gain land or revenge and exploit their enemies. Abigail is the main accuser in the play. At the beginning of the play, she and some of the other girls from the village were dancing in the woods. This was seen as indulging in pleasure, which was a serious offence to their religion, especially as at least one girl was dancing naked. Abigail knew that they would be whipped or excommunicated, so she told the courts that she had been possessed and that all the girls were involved in witchcraft. This was, in fact, the beginning of the witch trials in Salem and the hysteria that came with them. At the start of the story, Abigail appears to be a frail, innocent, young girl, but we soon see that she is manipulative and controlling. She lies about witchcraft and she seems to convince all the citizens in Salem, including the girls involved, that her lies are true. Truth and lies are both very important in The Crucible. Many false accusations are made and many shocking confessions are revealed. The first lie starts from the very beginning of the play. Abigail says that she has been involved in witchcraft, which we know is not true. She only says this because she knows if they are caught dancing in the woods, then they will be whipped or excommunicated. However if they plead guilty to witchcraft they will not be punished as severely. We can see from the start how manipulative Abigail can be. She manages to persuade all the people in the town that witchcraft is going on. She even manages to convince the other girls that they were involved. She tells that Tituba conjured Ruth Putnams dead sisters, but she did not tell the fact that Abigail drank blood to kill Elizabeth Proctor. When the girls recognise this, she says to Betty: You never say that again!  Moreover, when they continue to argue she says: I can make you wish you had never seen the sun go down.  This shows us that by threatening the girls into believing her lies, she is in fact starting the hysteria of the witch-hunts. She possibly didnt mean things to go as far as they did, but when she realised the power she had to get rid of people she didnt like, she lost control.  However, she needed to know that she would be believed, so she started with the weak and vulnerable people. The first person she accuses is Tituba, who is a likely target, because she is a black slave and at that time people were very racist towards black people. .ufd248c7ab1cf33fecefa345fe4a82c73 , .ufd248c7ab1cf33fecefa345fe4a82c73 .postImageUrl , .ufd248c7ab1cf33fecefa345fe4a82c73 .centered-text-area { min-height: 80px; position: relative; } .ufd248c7ab1cf33fecefa345fe4a82c73 , .ufd248c7ab1cf33fecefa345fe4a82c73:hover , .ufd248c7ab1cf33fecefa345fe4a82c73:visited , .ufd248c7ab1cf33fecefa345fe4a82c73:active { border:0!important; } .ufd248c7ab1cf33fecefa345fe4a82c73 .clearfix:after { content: ""; display: table; clear: both; } .ufd248c7ab1cf33fecefa345fe4a82c73 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ufd248c7ab1cf33fecefa345fe4a82c73:active , .ufd248c7ab1cf33fecefa345fe4a82c73:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ufd248c7ab1cf33fecefa345fe4a82c73 .centered-text-area { width: 100%; position: relative ; } .ufd248c7ab1cf33fecefa345fe4a82c73 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ufd248c7ab1cf33fecefa345fe4a82c73 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ufd248c7ab1cf33fecefa345fe4a82c73 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ufd248c7ab1cf33fecefa345fe4a82c73:hover .ctaButton { background-color: #34495E!important; } .ufd248c7ab1cf33fecefa345fe4a82c73 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ufd248c7ab1cf33fecefa345fe4a82c73 .ufd248c7ab1cf33fecefa345fe4a82c73-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ufd248c7ab1cf33fecefa345fe4a82c73:after { content: ""; display: block; clear: both; } READ: Another quarrel between the Montague and Capulet families EssayShe comes to me every night to go and drink blood!  Throughout the play, Abigail and the other girls accuse many frail and susceptible people because she knows they will not be believed in court. For example:  I saw Goody Osborn with the devil!  As soon as she knows that the people in Salem will believe whoever she accuses, she starts to move on to her ultimate goal. She hopes to see the end of Goody Proctor. We first hear of her being accused in Act two when Mary Warren comes home to tell the Proctors that her name has been mentioned in court. We suspect the accuser is Abigail as does Elizabeth, but this is just an assumption. We see how convincing Abigail is towards the end of this act, when she tries to incriminate Elizabeth by informing the jury of a needle found embedded in her stomach, which coincidentally appears in the same place on Mary Warrens poppet. This, in fact, is the accusation which eventually condemns Elizabeth.

Zinc Essays - Zinc, Reducing Agents, Group 12 Element, Brass

Zinc Zinc is a chemical element with the symbol Zn. It is a low-melting metal that belongs to Group IIb (zinc group) of the periodic table. The atomic number of zinc is 30. With an atomic weight of 65.39, zinc makes up an average of 65 grams of every ton of Earth's crust, which makes it a little more abundant than copper. The melting point of zinc is 420 degrees Celsius and its boiling point is 907 degrees Celsius (Britannica Online). Zinc is the second most common trace metal, after iron, that is found naturally in the human body. It is also the third most used nonferrous metal (after aluminum and copper), of which the U.S. consumes more than one million metric tons annually (American Zinc Association). According to the U.S. Bureau of Mines, the average person will use 730 pounds of zinc in his or her lifetime. Metallic zinc appeared much later in history than the other common metals. "The Ancient Egyptians were the first to use zinc although they did so unintentionally! They made their brass from copper ores that were contaminated with zinc" (Knapp, 4). There is some evidence that the Greeks knew of zinc's existence. They called it pseudargyras, or "false silver," but they had no method of producing it in quantity. The Romans produced considerable quantities of brass, an alloy of zinc and copper, as early as 200 B.C. The metallurgists of India seem to have isolated the individual metal as early as the 13th century; and by the 16th century, China had achieved large-scale production. In the West, commercial zinc production got under way by the middle of the 18th century in England under the leadership of William Champion (Britannica Online). The first complete study of zinc was published in 1746 by Sigismund Marggraf, a German chemist (World Book). Canada is the leading producer of zinc followed by Australia, China, Peru, the U.S. and Mexico. In the U.S., mine production comes mostly from Alaska, Tennessee, New York, and Missouri (World Almanac, 151). There are 47 tons of zinc in one cubic mile of seawater. Zinc deposits occur in two quite different ways: first, as hydrothermal or contact metamorphic deposits, and second, as sedimentary deposits. Zinc was used as a component of brass until the 18th century. More than 50% of production is consumed in the preparation of alloys for die-cast products, and in anticorrosion treatment of iron and steel (Skinner, 19). A large share of the zinc produced today is used for galvanizing iron and steel (that is, coating them with zinc to make them rustproof). For many purposes, zinc is simply flattened into sheets called "rolled zinc." These sheets are used in the manufacture of many roofing products, refrigerator linings, and printing plates. The compounds of zinc have numerous uses. Because of its high heat conductivity, zinc oxide is used in rubber as a heat dissipater. It is also used in the making of cosmetics, plastics, skin ointments, and soaps. Zinc sulfate is used in weed killers. Zinc sulfide has been used in X-ray screens and in luminous dials for clocks and watches (Compton's Encyclopedia). Zinc is also used in electric batteries and is required for the normal growth and healing of plants and animals. Zinc can also be combined with other metals to form many other alloys (mixtures). For example, brass is an alloy of copper and zinc. Bronze is copper, tin, and zinc. And nickel silver is copper, nickel, and zinc (World Book). The following statistics are stated in the U.S. Geological survey, U.S. Dept. of the Interior. As of mid-1996, the world mineral reserve for zinc was 330 million metric tons. U.S. Zinc Production, 1950-95 (in thousand metric tons) 1950 565,516 1989 275,883 1960 395,013 1990 515,355 1965 554,429 1991 517,804 1970 484,560 1992 523,440 1975 425,792 1993 488,283 1980 317,103 1994 570,162 1985 226,545 1995 601,000 In 1950 the total production of zinc was 565,515 thousand metric meters. The estimated total reserves for 1950 was 85,000,000 metric tons, but that was before the enormous amount of native zinc was discovered in Australia (Skinner, 62). In the year 2000, the projected total of zinc production is 550,000 thousand metric meters and the total world reserve will be at an estimated 320,500,000 metric tons. In the year 2050, I expect the total production of zinc to be around significantly greater than it was 100 years from then. From examining the chart above, I have come to the conclusion that the world reserve will not be that greatly affected (considering the increasing