A Definition Of Monopoly Economics Essay

A Definition Of Monopoly Economics Essay Monopoly is an industry that has only one firm that sells a good which has no close substitutes. Monopoly firms also represent industries because there are no other firms in the market. Products that are from monopoly market are electricity, water, cable television, local telephone services and many more. Examples of monopoly firm in Malaysia is Tenaga Nasional Berhad, TNBs unique position as a monopoly in the generation, transmission and distribution of electricity in Peninsular Malaysia. TNB is the only firm that provides us electricity to every building in Malaysia. Another monopoly firm in Malaysia that only provide sewerage services is Indah Water Konsortium Sdn Bhd. Indah Water Konsortium is the only firm in Malaysia that mainly responsible for operating and maintaining the public sewage treatment plants and network of underground sewerage pipelines. Characteristics of Monopoly Market One seller and large number of buyers Monopoly market characteristics are they is only one producer or seller in the market and there are many buyers. Therefore, the firm had the power to control the whole market whether it is from the angle of determining the price or the quantity of production. A monopolist has the power to determine the level of price because there is no competition from other firms. Therefore, if the monopolist intends to sell a bigger quantity, it has to reduce the price. This means that the monopolist can only control the price or the quantity of sales, and not both at once. No close substitution Furthermore, monopoly firms goods have no substitutes, its means consumers have no choice other than what is produced by the monopolist and they cant find any substitute of the product. For example, Telekom Malaysia is a firms that provide home telephone services which has no close substitutes but if the buyer can find another firms that provide home telephone service therefore the product is no longer in monopoly. Restriction of entry of new firms All the competitors are prevented from entering the market due to strict barriers to the entry of new firm. To restrict the entry of new firms into the industry, there are barriers to entry that are natural or legal restrictions. There are no competition faces by monopolist is because of barriers of entry. Advertising A monopolist doesnt need to advertise their product or services to increase sales because monopolist had the right to control the market and consumers know where to obtain the products and they have no choice to buy from other producer. Monopoly firms that provide local public utilities such as water, electricity and home phone services doesnt need to advertise since they are the only firms that provide it and customers had no choice to buy it from another firm. Intro to Question 2 It is traditional to divide industries into categories according to the degree of competition that exists between the firms within the industry. There are four such categories. First of all is perfect competition is the market where there is a large number of buyers and seller. The goods sold in the market are homogenous where most of the goods are alike and most likely the same. Therefore, sellers can easily enter and exit from the market. Most of the agricultural goods are included in perfect competition market such as vegetables, fruits, rice, coffee beans, wheat, primary commodities, gold, silver and others. Second will be monopolistic is a market structure in which there are large numbers of small sellers selling differentiated products but these are close substitute products and have easy entry into and exit from the market. Most of the products in monopolistic competition are substitutes and the only differences of the products are such as branding. Unlike perfect competition, in monopolistic competition market, most of the products are different, but goods are close substitutes for one another. Products that are under monopolistic competition are shoes, clothes, books, watches, toothpastes, soaps, ice creams, chocolates and many more. Next will be oligopoly, where it is a market structure in which there are only one firms selling either standardized or differentiated products and it restricts the entry into and exit from the market. Due to difficult or impossible for new firms to enter the market, most of the firms in oligopoly market can earn abnormal profits in long run. Examples for this market are cigarettes, automobiles, electrical equipment and cement Lastly monopoly, where it is only exists when an industry or market has only one producer. Most of the public utility firms are in monopoly market. Features of the four market structures Type of Market Number of Firms Freedom of entry Nature of product Examples Implication for demand curve for firm Perfect competition Very many Unrestricted Homogeneous (Undifferentiated) Cabbages, carrots, local farmer (these approximate to perfect competition) Horizontal. The firm is a price taker. Monopolistic competition Many/several Unrestricted Differentiated Builders, restaurants Downward sloping, but relatively elastic. The firm has some control over price Oligopoly Few Restricted 1. Undifferentiated 2. Differentiated 1. Cement 2. Cars, electrical appliances Downward sloping, relatively inelastic but depends on reactions of rivals to a price change Monopoly One Restricted or completely blocked Unique Public utility Downward sloping, more inelastic than oligopoly, The firm has considerable control over price Comparison of Perfect Competition and Monopolistic Competition Similarities There are large number of firms in both markets. Seller from both markets are easily enter and exit from the market. The firms maximizes profit when MR is equal to MC. Firms from both market may earn economic profit or normal profit or incur losses in short run. While in long run, perfect competitive and monopolistic competitive firms earn only normal profit. Differences of Perfect Competition and Monopolistic Competition The forces of demand and supply for the entire industry determine prices in the perfect competition market. While, in monopolistic competition market, every firm has its own price policy. In can be conclude as perfect competition firms are price takers and monopolistic firms are price makers. A perfect competitive firm sells homogenous products while monopolistic competitive firm sells product that are differentiated product. Product differentiation may lead monopolistic competition in selling cost. There are large number of firms that are in perfect competition while only fairy large number of firms in monopolistic competition. A perfect competitive firms demand curve is perfectly elastic and MR curve is equal to average revenue curve but in monopolistic competitive firm, the demand curve is downward sloping and MR curve is also downward sloping, which lies below the average revenue curve. Differences of Oligopoly and Monopoly Oligopoly is a market structural in which there are a few number of firms in the industry that produce either identical or differentiated product.

Female Education Essay

The history of progress of the human race is the history of education. Hence it is necessary or every person, man or woman, to be educated. The hand that rocks the cradle rules the world. Women should be educated like men; otherwise there can be no peace or no progress. If you yoke an unbroken (untrained) horse with a highly trained one, the carriage will be dashed to pieces and the occupants’ lives will be destroyed. The family peace cannot be preserved with such ill-matched life-long companions. Napoleon was once asked what the greatest need of France was. He answered, â€Å"Motherland’s National progress is impossible without trained and educated mothers†. If the women in any country are not educated, about half . he people in that country will be Ignorant. The result is that such a country will not be able to go along with other nations in development and progress. I’ll There is a greet controversy going on in Pakistan their women should receive her education or not. Orthodox people are in favor of female education, but they us opposed to giving them higher education but this view does not sound welt. If women are mentally fit to receive higher education, there seems to be no reason why they should not be allowed to develop their mental faculties. There is other group of liberal people which Ii In favor of the female education. To give them only the rudiments of knowledge, while they are eager for advanced studies, is to condemn them to a place of inferiority. A woman has to play three distinct pests in the course of her life in each of which certain duties are expected of her. If she is able to do these well, she is worthy of being called perfect woman. It is only by the help of education that she can hope to be able to do them satisfactorily. The first duty of a woman is to be a good daughter. Th. second is to be a good wife and the third is to be a good mother. Education Leeches a woman what she should be. It also teaches her how she should do it to be a good daughter, a good wife and a good mother. Many men spend their evening time at clubs and societies. But a gentleman with an educated wife will not feel the need of clubs and societies. He can share his thoughts with her and seek her advice in trouble. Ho can spend his leisure Lime in her company. An educated lady will be a good Mend, a clever nurse and a useful adviser to her husband. She will be a true helpmate. She can retain her husband’s affection and regard. An uneducated lady is always unable to share in his interests. There is a saying in English. â€Å"The hand that rocks the cradle rules the world†. The meaning is this that the mother exercises a very great influence over the lives of her children and is able to mould their thoughts and characters. If she is educated, she will make such an impression on the mind of her child, that it will enable him in later life to grow into a good and great man. Thus education will enable women to make their parents, husbands and children truly happy. Consequently it is very important that women should be educated.

The Key to Solving The American Organ Allocation Essay

Justin, a South Carolina college student, died at the age of 23 while on the waiting list for a lung transplant. When Justin was three months old he was diagnosed with cystic fibrosis, a disease which affects the lungs. Throughout his childhood he coped with his illness but at the age of 20 his health took a turn for the worst. Justin was on the waiting list for two years but no lungs came available in time. Organ allocation in the United States of America has become a heavily debated subject in the medical field as well as the political and ethical fields. There is no doubt that there is a shortage of organs in the United States. In order to increase organ supply the American Department of Health should integrate the effective allocation†¦show more content†¦If not the family and relatives of the deceased needs to give consent. Every day in the United States twelve people die while waiting for an organ transplant list. Even if someone receives an organ transplant there is no guarantee that it will function properly or if the recipient will survive. If an organ is given to the person at the top of the list who has been on the list the longest that person is most likely to be the sickest, weakest and generally older than others on the list. When they receive the organ there is no guarantee that they will survive which would be a waste of a good organ. Hearts are an example of an organ that needs to be given to the right patient in order for the transplantation to be a success. Generally if a person receives a heart transplant before the age of 55 have a higher potential rate of living ten years after the operation then those 55 and older. A surgical resident at The Johns Hopkins Hospital and the leader of the study published in The Annals of Thoracic Surgery stated â€Å"There are 2,000 to 2,500 heart transplants a year in the U.S. and many people die waiting. 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Should Physician Assisted Suicide Be Allowed - 895 Words

Should physicians be allowed to help patients determine the timing and circumstances of their death? The â€Å"right to die† debate is a very sensitive and complex issue in modern culture. While suicide is a legal act in the United States, assisted suicide is not. Opinions on the subject are shaped by countless factors such as ethical issues, social issues, and primarily religious issues. Many people are opposed to the legalization of physician assisted suicide for â€Å"moral† reasons, however, legalization ultimately allows terminally ill people to die with dignity, sustains basic human rights, and supports freedom of religion. A vast majority of the opposing force is against legalization of physician assisted suicide for â€Å"moral† or religious reasons. 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