A market is a system through which the buyers and sellers of a product interact. Markets can be identified by the product it deals in. For example market for computer software, market for crude oil etc. Markets can also be distinguished by the geographical expanse like the local market or the international market for a product. In economic analysis it is more important and more usual to classify markets in terms of the degree of competition present in the market. In this mode of classification we consider two forms of market, the buyer’s market and the seller’s market.
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Monopoly Critical Thinkings Samples For Students
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Leaving the industry’s top four publishers’ shares unchanged and merging the remaining firms to form a single company would not change the four-firm concentration ratios immediately. It will remain at 2,554 as it is before the merger. This is because they will each remain with the same percentage of market share until the new merger takes shape and starts reaping the fruits of the merger. In the long run, therefore, the four-firm concentration ratio may change. The new merger will have a 12% market share which is greater than that of the joint-fourth firm in the current market’s ...
The law of diminishing returns states that when one aspect in the manufacture of a product is increased while holding the other factors constant, there will be a reduction in the magnitude of the output in the short run.
For instance, if a company ‘X’ increases one factor of production, say labor, a point will be arrived at whereby additional workers become less and less productive than a certain number of workers. This is accrued to increasing only factor of production disregarding the others. If for example the company increased all the factors of production, the level of production of the commodity would ...
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The main difference between the derived demand and dollar voting is the fact that in case of derived demand high or low demand for one commodity or service leads to increased or decreased demand for another commodity which is not substitute of the first one but is connected with it, e.g., if the demand for metal grows, metal businesses will tend to expand and buy new equipment, which increases the demand for foundry equipment. Dollar voting is somewhat different, for in this case the demand for the commodity defines whether it will still be produced ...
Following the American Psychological Association’s Guidelines
Classic Free Trade Theory: Comparative Advantage Theory
Economists have claimed that free trade or no intervention in international trade is good for everybody. According to them, free trade help all sides of international trade. Seller countries develop their production skills and they can specialize on certain goods. Buyer countries can receive some products that they are not specialized in.
There is a main stream theory in explaining how international trade occurs: Comparative advantage theory in international trade. Basically this theory claims that each country has some adavantages in production technologies, expertise, educated human resource, and other required resources ...
Market Structure
In simple terms, market structure refers to the classification of the various types of markets, based on their unique features on how they allocate prices of a given product in the market. The aspect is primarily classified into two, which include perfect and imperfect market.
Oligopoly
Refers to a type of market structure where there are few sellers in a given economy with many buyers for the commodity. With oligopoly, the sellers have an influence on the commodity price in the market and can significantly affect competition. An example of a company to indicate the above case is the mobile ...
Introduction
The public administration process of any nation determines its ability to win a contract or become a donor to a needy nation. China, for example, has a public administration system that favors most operations in Africa, which makes it win most contracts in the region. World Trade Organization (WTO) member countries, however, have developed policies that limit the amount of support that each country can offer to another nation. In addition, these policies regulate the number of investments to international markets so that each member has equal opportunity to explore to the African market (WORLD TRADE ORGANIZATION, 2013). China has evaded such policies ...
Scarcity in my life occurred when I saw my brother fail to continue with his masters because I was also going to high school. Since the resources were scarce, he was to forgo doing masters so that I could continue with my high school studies. The opportunity cost of me going to high school is my brothers’ failure to continue with master’s degree. The sacrifice was worth making since I also needed to continue with my studies to become a reasonable person in future.
When federal budget is being made, the trade off comes in because the government ...
