Competitive markets, monopolies, oligopolies as types of markets Essay

Competitive markets, monopolies, oligopolies as types of markets structures - Essay Example This means that the seller has a lot of authority and control over the market conditions such as price and supply. Some of the characteristics of monopolistic market structure include little quantity or absence of substitute products, large barriers to market entry, little or no competition, while seller has a great authority over market conditions, prices are determined by the seller, insignificant difference exists between the industry and firm. Additionally, the demand curve for monopolistic markets is downward sloping, which simply means the seller can sell less at a higher price, or vice versa (Nicholson, & Snyder, 2008, p. 491). Unlike in competitive markets, monopolistic markets have the upper hand in setting market prices. Since the firms or the sellers have little to worry about competitors, they can set the prices above the marginal costs. They can set the prices above the normal profits as would be in the case of competitive markets. Additionally, the seller can influence supply, thereby determining the price by either selling more at a lower price or selling less at a higher price. The maximum possible price will be where marginal cost, marginal revenue, and demand curve intersect. Although monopolies can maximize profits in several ways, the output is largely determined by marginal cost and marginal revenue. The seller will continue increasing the output, as long as marginal costs are lower than marginal revenue. The maximum profit will be realized when the difference between marginal revenue and marginal cost is maximum. Since the seller is the price determinant, it is possible to regulate the output such that the profit obtained is maximized when other market conditions are considered. Monopoly markets have many market entry barriers as compared... It is evidently clear from the discussion that competitive markets are characterized by unlimited number of buyers and sellers, all trading on the same or similar commodity in a manner that the prices of the commodity are largely determined by the market forces. Therefore, a single individual or a small fraction of the buyers or sellers has little or no impact upon the price. Once the prevailing market forces set the price, buyers or sellers have no option but to go with the offered prices. Monopoly type of market structure refers to a market whereby there is little or no competition on the offered commodity. This means that the seller has a lot of authority and control over the market conditions such as price and supply. Some of the characteristics of monopolistic market structure include little quantity or absence of substitute products, large barriers to market entry, little or no competition, while seller has a great authority over market conditions, prices are determined by the seller, insignificant difference exists between the industry and firm. Oligopoly is a market structure whereby few sellers dominate the market. Unlike in monopoly form of market structure, oligopoly players can hardly make independent decisions since the other market players will react in response. Therefore, the decisions of one player are under the influence of the others. Few large firms characterize the market structure, each firm is appreciably large in comparison to the overall market, similar or close substitute products, and large barriers to entry.

Bloodstain analysis Essay Example | Topics and Well Written Essays - 1250 words

Bloodstain analysis - Essay Example On that fateful Tuesday night, on March 14th, 1995, they seemed to be enjoying themselves while having drinks at a local bar. Bonnie had left office at 7.15pm to meet with Warren; they kept drinking while at the bar until 11.09pm. Their house was situated just four miles away, and this was good since they were drunk. Thirty minutes after leaving the bar, Warren made a call to 911 (Mann, 2010). On the recording, Warren is frantic; he can be clearly heard in the background yelling as the dispatcher contacts the paramedics. Even though Warren is panicking, he tells the dispatcher that his wife had shot herself. Warren notifies the dispatcher that his wife is turning blue; he is instructed to begin CPR. Warren obeys the instructor, and this is confirmed as he can be heard breathing into his wife’s mouth. After another call, he tells the dispatcher that his wife had shot herself in the throat and that she is still breathing. By the time the law enforcement and the paramedics arrived at the premise, Bonnie Horinek had already died. She was lying on their matrimonial bed, dressed in a pink nightgown that clearly shown that she had been shot in the chest. Warren was busy trying to resuscitate his wife by performing CPR. The paramedics informed him that she had already died, but he could not stop. He could not heed any of their instructions, and this led them to drag him ou t of the room (Mann, 2010). The crime scene had two different weapons placed on the bed as observed and recorded by the police. A twelve gauge Winchester shotgun was placed at the edge of the bed, and a thirty-eight caliber revolver was placed next to Bonnie. The house had no signs of a break-in, and this meant that no one else was at the house. The police observed two scenarios; the husband killed his wife in one of his drunken outbursts or either she had killed herself. From the beginning, Warren claimed that his wife shot herself. As the investigations continued,