A Comparison Of Perfect Competition And Monopoly Economics Essay

A Comparison Of Perfect Competition And Monopoly Economics Essay Introduction In order to answer the question of whether ‘the competition is always necessarily beneficial to consumers’, it is vital to address the operation of two extreme sides of the market organisation. The extreme sides of the market organisation are Perfect competition and Monopoly. Once we accustom ourselves with the working of this dichotomy of market organisation, only then we can compare monopoly and perfect competition on the basis of efficiency in the market and specifically its impact on the consumers. Thus, in this essay we would first go through a brief description of perfect competition and monopoly and how the resources are organised in these two different market structures to achieve the goal of profit maximisation. By the allocation of resources and the level of output to be produced in these two different markets, we would compare their efficiency and inefficiency and the possible benefits and limitations of these market structures in different indus tries to the consumers. Perfect Competition Perfect competitive markets are those where there are large number of small buyers and sellers dealing with a homogeneous product and a single small firm do not have influence on the price allocation and acts as a price taker (Mankiw & Taylor, 2006). In addition to this, in a perfectly competitive market the mobility of the factors of production is perfect in the long run and both the producers and the consumers have perfect information regarding the product (Frank, 2003). A competitive firm being the price taker, to achieve the goal of profit maximisation, it produces a certain level of output where the price is equal to the marginal cost of producing an extra unit of product, a ‘Pareto efficient’ output level (Varian, 2006). As the price is also the marginal revenue for a competitive firm, so the profit is maximised at the condition where marginal revenue is equal to the marginal cost (Frank, 2003). This means that for a com pany to remain in business, it has to cover its cost, which is to say the price must be at least greater than the ‘minimum value of the average variable cost’ (ibid.) Monopoly At the extreme opposite end of the market organisation is monopoly. Monopoly is a market structure, where a single firm serves the entire market and is the only seller of a particular product with no close substitutes (Frank, 2003). Moreover, being the only firm in the market, it does not take any price but instead it has influence over the market price and produces a level of output at a particular price where the firms’ profits are the highest (Varian, 2006). Monopoly is created when a firm either takes control of key resources or the government issues a license and give them exclusive right for the production of goods and services. An economy of scale is another source of monopoly for a firm, where a single firm has more efficient cost of production as compared to a large number of firms and creates a natural monopoly that arises with public utilities like gas, electricity etc (ibid.). Furthermore, a monopolist will set his price higher than his marginal cost at a point where his marginal revenue is equal to marginal cost, in order to make positive economic profit (Frank, 2003). However the demand curve is negative for a monopolist and being a ‘price setter’, it cannot just randomly set a high price. It would rather set a price that the market could bear and maximises its profit (Mankiw & Taylor, 2006).

What leads otherwise law abiding people to engage in mass Essay

What leads otherwise law abiding people to engage in mass state-prescribed violence - Essay Example These countries have inadequate forms of governance that push people into creating rebellions, which leads to anarchy in some regions. Such regions have their law of survival, whereby only the strong have a chance of survival (Chambliss, 2010). The state-funded or state-influenced forms of violence include internal conflicts, ethnic violence, nationalist violence, religious violence, terrorism, torture, and genocide. Most of these crimes can are avoidable and pointless. Necessity and failure of fulfillment of promises by the concerned governments and their representatives or officials drive them. People get into situations where they cannot live in harmony since they all need the resources, which are scarce or are inadequate for the people. It might also be a case where some people are favored over others, leading to hatred and jealousy for the favored group. Seemingly law-abiding people then get pushed to the edge of retaliation, which leads to violence and end up in revenge attacks, creating a conflict altogether. The conflicts can sometimes get awful, culminating in the deaths of many innocent adults and children, among other crimes that often result from conflicts such as looting. There are a number of reasons why honest and loyal citizens end up committing violent crimes. One of the reasons for violence as fuelled by the state is poverty and inequality. The poverty levels of people and the increasing cost of living lead people into fighting for the little available resources. These poverty rates also force people to steal so as to feed themselves. To consider such cases of theft as mass actions of violence, they involve deaths of many people, both young and old. Cases that experience such violence include the theft of domestic animals, especially cattle, in most parts of Africa. These animals are sources of wealth, and one’s poverty pushes them into cattle rustling.

Love. Flower Arranging PowerPoint Presentation Example | Topics and Well Written Essays - 1250 words

Love. Flower Arranging - PowerPoint Presentation Example The first teachers as well as students were Buddhist members and priests. As time went by, there was the emergence of other schools and the styles changed. Ikebana became a practice and custom among the Japanese people and their society (Ember& Ember, 5). It is stated that until 1868 it was the Japanese men who ordinarily had the skills to make flower arrangements. After the start of the 20th Century, women began to enjoy the practice and they dominated this discipline. In the United States and England, the lush Victorian style of flower arrangement made way for a simplified modern way that was influenced by the Japanese practice of Ikebana. Around the 1930s, there emerged garden clubs that were supported by women who were influential. The practice became popular as more women began to adopt the practice (Fairchild, 112). Women became obsessed with flower arrangements in weddings, tea parties and to decorate their homes. Men, thus, arranged flowers as frequently as tradition called and required them to, but with the practice becoming female dominated, they did not practice the art of arranging flowers as a hobby (Leaman, 45). Presently men are turning to the practice. For instance, in Japan, the male workers are turning to the country’s traditional art form or arranging flowers that was female dominated. They are turning to flower arranging as a way to relieve stress (Lover). In America, men are attending classes to learn the art of arranging flowers (Clarke). The practice of flower arrangement that begun in Japan among men gradually became a common practice among women (Sato and Yoshimura, 200). History has thus repeated itself. The Buddhist priests and noblemen who initially took part in the practice left the art to women. The men managed many flowers arranging schools; however, mostly women dominated those classes. Presently, there is no practice dominated by one gender.