Types, causes, and advantages and disadvantages of monopolies

Types, causes, and advantages and disadvantages of monopolies Monopoly is the situation in which there is a single seller of a product (i.e., a good or service) for which there are no close substitutes. The word is derived from the Greek words monos (meaning one) and polein (meaning to sell). Governmental policy with regard to monopolies can have major effects not only on specific businesses and industries but also on the economy and society as a whole. Types Oligopoly: Is a situation in which sales of a product are dominated by a small number of a relatively large seller who is able to collectively exert control over its supply and prices. Cartel: Is a type of oligopoly in which a centralized institution exists for the purpose of coordinating the action of several independent suppliers of a product. The best example today is the Organization of Petroleum Exporting Countries (OPEC) Trust: Popular way to form monopolies in USA. This was an arrangement by which stockholders in several companies transferred their shared to a single set of trustees. In exchange, the stockholders received a certificate entitling them to a specified share of the consolidated earning of the jointly managed companies. The trust came to dominate a number of major industries (tobacco, sugar, etc.) Monopsony: Is the opposite of a conventional monopoly in the sense that there is only a single buyer or only one dominant buyer for a product for which there are multiple sellers. Some companies are both monopolies and monopsonies. By being also a monopsonist, a monopoly can increase its profits even further by putting pressure on the companies that supply inputs for its products to reduce their prices. Extreme cases Pure monopoly: One company has complete control over the supply or sales of a product for which there are no good substitutes. Perfect competition: There are many sellers of identical or virtually identical products. Causes of monopoly By developing or acquiring control over a unique product that is difficult or costly for others companies to copy. By having a lower production cost than competitors. By using various legal and illegal tactics (predatory tactics) By controlling a platform and using vendor lock-in. By receiving a government grant of monopoly status, becoming a government-granted monopoly. Advantages Despite their reputation for evil, monopolies can actually generate a net benefit for society under certain circumstances. These are usually situations in which the power and duration of the monopoly are carefully limited. Natural monopolies can be particularly beneficial. This is because of their ability to attain lower costs of production, often far lower, than would be possible with competitive firms producing the same product in the same region. However, it is almost always necessary for such monopolies to be regulated by a relatively uncorrupted government in order for society to obtain the potential benefits. This is because such monopolies by themselves, as is the case with all monopolies, have little incentive to charge prices close to cost and, rather, tend to charge profit-maximizing prices and restrict output. Likewise, there is often little incentive to pay much attention to quality. It has long been recognized that government-granted monopolies can benefit society as a whole by providing financial incentives to inventors, artists, composers, writers, entrepreneurs and others to innovate and produce creative works. In fact, the importance of establishing monopolies of limited duration for this purpose is even mentioned in the U.S. Constitution. Disadvantages Large monopolies have considerable potential to damage both economies and democratic governments and monopolists often go to extreme lengths to disguise or hide such harmful effects. Example The table below illustrates the case of monopoly. Marginal cost is the value of the additional resources needed to produce another unit of output. The marginal benefit to consumers is the price that consumers are willing to pay for each unit. You should recognize this column as a demand curve. The maximization principle tells us that the economically efficient amount to produce is five, the amount that gives consumers the greatest value. To produce the first unit, the firm takes resources that have a value of $5.00 and turns them into something with a value of $7.01. Because this transformation has increased value, producing the first unit is more economically efficient than producing none. By this logic, producing the sixth unit would decrease economic efficiency because the firm would take resources with a value of $5.00 and transform them into something with a value of only $4.51. The monopolist, however, will find it most profitable to produce only three units because it does not see marginal benefit the same way that buyers see it. For the seller, the extra benefit of the second unit is only $6.01. It sells the second unit for $6.51, but to sell the second unit, it had to reduce the price it charged by $.50. Thus, it lost $.50 on the first unit, so the net increase in its revenue was only $6.01. (You can get the same answer by computing a total revenue column and then calculating revenue increases.) In a similar manner, the rest of the fourth column can be obtained. Using the maximization principle, one can see that producing beyond the third unit is not in the interests of the firm. The fourth unit brings in added benefits of only $4.01 to the firm (it sells for $5.51, but to sell it, the firm lowers price by $.50 on three other units), but costs an added $5.00. From the point of view of the buyers, however, the fourth unit should be produced. It brings them added benefits of $5.51 and uses resources worth only $5.00.

Kambili Change in Character

Literature Essay – â€Å"Kambili change in character† The novel â€Å"Purple Hibiscus† by Chimamanda Ngozi Adichie tells a story of how two Nigerain children rebelled against their very father. For these children to end up rebelling against their father they must first bring about a change in themselves, they must become more mature, more responsible and not so dependent on their father. Kambili is one of those children that does go through a considerable change in her character, she reaches maturity.In fact this novel is a bildungsroman which is a story about a character self-development, her change. At the beginning of the novel, Kambili is seen as immature and young because of the fact that she is very observant but does not say anything because she is a rather shy girl. She is also shown as a naive and innocent, which makes us feel for her more. Kambili is also obsessed with her father, she thinks he is always right and as a result obeys him.She is only happy when she makes her father happy, this is shown when she sleeps happily when she knows that her father was proud of her that she came first in class. Kambili is considered as a â€Å"backyard snob† because she never talks to anyone, never had any friends. This is not only because Eugene is very strict with his schedules and wants Kambili to be constantly studying but also she is a very shy girl and cannot express her emotions, in fact she barely ever laughs; â€Å"i was not sure wat my laughter sounded like†.Kambili can be compared to Amaka, her cousin, who is the complete opposite of Kamibli. Amaka laughs, wears make-up, is a lively girl, listens to music and basically is like another normal teenage girl. However Amaka is one of those people who caused a change in Kambili because these two people became very close, in fact they become like sisters: tell stories to each other and Amaka helps her to cook. Amaka helps Kambili to become more open and helps her make friend s. Amaka is only one of the many people that brought about a change in Kambili life.Nsukka in general brigns change. It is when Kambili and Jaja visist Nsukka that they start to change, become more mature. This is because they live a different lifestyle, they are not constrained to Papa, they are allowed to be free and experiment! â€Å"Nsukka air will be good for me, for my recuperation† Father Amadi is another person who changed Kambili. Father amadi is an encouraging person who makes Kambili change. This is shown when Amadi manages to convince Kambili to run after him! In fact she says â€Å"i had smiled, run, laughed†, 3 things she had never one before. Because of the fact that Kambili starts to idealize and fall in love with Amadi that she starts to look up to Amadi and not to her father anymore! Father Amadi can be considered as one of her only friends! Aunty Ifeoma also helped kambili become less dependant on papa, this is shown when she takes the schedules from Kambili and Jaja and for the first time in their life Kambili and Jaja are free to do what they like which causes them to change. This change and maturity in Kambili is later shown when she starts to defy papa.This is shown when she steals the picture of papa Nnukwu and keeps it in her room and when she describes Papa as a â€Å"tall stranger†! However Kambili still remains loyal to her father and obeys him still, she does not go to the extent and rebel totally against him, unlike Jaja. This also shows that she isn’t mature enough and therefore obeys her father and Jaja to an extent. One can conclude that due to Papa strictness she had a restricted life where she could not hang out with other people.She was also scared of Papa because he used to abuse her and as a result Kambili did not know how to express herself properly and was usually very silent â€Å"bubbles in my throat†. However when she went to Nsukka; Amaka, Aunty Ifeoma and Father Amadi brought chang e. Due to these people and due to the fact that she was more free she learnt how to express herself, smile and laugh more often and act more and more like a natural girl. This causes her to start to defy Papa. Due to this maturity Kambili and papa manage to rebel against their fanatic father.

Bloodletting and Miraculous Cures - 1597 Words

Name February 7, 2013 Professor Essay #1: Bloodletting and Miraculous Cures William Osler once said â€Å"Medicine is the science of uncertainty and the art of probability.† While this quote was said nearly one-hundred years ago, it still holds the same weight as is once did. In Bloodletting and Miraculous Cures by Vincent Lam, this quote is shown to not only be true in regards to medicine, but also for people as a whole; even so there are many factors that contribute to a person’s personality early on that can be traced to decisions and personality traits later in their lives. One of these factors is the amount of interaction and influence a person’s family has with them. In Bloodletting and Miraculous Cures, there are two extreme examples†¦show more content†¦She is totally fine with cutting open a penis, perhaps a little zealous, but for the right brain she has to look in the book. Ming’s name is very indicative of her personality. She is brief and to-the-point; she has to time to mess around. Along with the negative effects of an overly-involved family, positive features came out of the situation as well. Firstly, her performance on schoolwork is very highly regarded. She even manages to surpass Karl’s success. It took Karl two attempts to get into medical school, while it only took Ming one. She was able to achieve this almost entirely because of her family’s involvement. Her family pushed her to be tutored by Karl, and Karl managed to unintentionally push her away from everything except schoolwork. Due to Karl’s abuse Ming never fully matured socially, and stayed away from being sexual. Ming was handicapped socially; although she liked Fitzpatrick she was not sure how to go about talking to him. At one point she asked herself, â€Å"was that the kind of thing people said?† and admitted that she â€Å"often stumbled across humor† (Lam 2). This can be seen as a positive effect because she was able to fully focus on her schoolwork. She also shied away from anyt hing sexual, somewhat replacing her sexuality with grades. After her and Fitzgerald got their tests back, they went through the notion of â€Å"I’ll show you mine if you show me yours.† Another positive effect of the extreme family

Limitation on Animal Testing - 762 Words

â€Å"The reason we use animal tests is because we have a comfort level with the process . . . not because it is the correct process, not because it gives us any real new information.† (Anderson). There have been numerous new developments and technology in our society today, old fashion animal testing should not be the number one experiment to test new products and drugs. Science should be moving forward in technology, where there is cruelty free research and testing. The modern technology, we have today is cheaper and most of the time more effective than animal testing. So why are researchers still using animal testing as their number one source for test trials? There should be a law that prohibits unnecessary animal testing’s and limited the usage if animal testing is absolutely needed after the alternatives have failed in medical research .This would protect the animals’ lives, the environment, save on research dollars, and would improve the health and well- being of humans. Research institutions need to rethink their policies, and support more advance science. Animals are living, breathing emotional beings, and animal experimentation takes a large toll on animal’s life’s. In some cases, researchers try to minimize the pain and suffering experienced by animals in laboratories, but distress is guaranteed in animal experimentation because animals are held in isolated cages, forced to be inserted with disease, inflicted with injury, or killed at the end of the study. AnimalShow MoreRelatedHow Do The Contributions Of Animal Testing To Global Medical1309 Words   |  6 Pagescontributions of animal testing to global medical science justify whether or not it should be banned? According to the Humane Society International (HSI), animal testing or animal experimentation for medical research refers to the experimentation on live animals for the purposes of investigation on diseases, medical treatments, or fundamental biology. 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