Hasbro‚ Argos‚ and Littlewoods did because of the huge profits and expansion of their companies. However‚ because the larger companies join together‚ the smaller companies end up going out of business due to unfair competition. 3. There are three conditions within an oligopolistic market structure that make it possible for dominant firms to collude; military‚ maintaining global competitiveness‚ and the expansion of new technology. Collusion isn’t cheat proof because there could be other reasons or
Premium Competition Monopoly
- 3 - N05/3/ECONO/HP1/ENG/TZ0/XX/M Paper Specific Markscheme In addition to the assessment criteria use the paper-specific markscheme below. Award up to the maximum marks as indicated. Examiners should be aware that candidates may take a different approach‚ which if appropriate should be fully rewarded. 1. (a) Explain the differences between monopolistic competition and oligopoly as market structures. [10 marks] • large number of firms (m.c) versus a few dominant firms (oligopoly) • differentiated
Premium Monopoly Oligopoly Economics
just like many other people. I’m not much of a coffee drinker myself. I prefer tea. Although for those of you who love drinking coffee on a regular basis‚ you probably would prefer drinking fair trade coffee‚ especially as it ensures fair working conditions and wages for coffee farmers from developing countries. Here are 10 major fair trade coffee labels‚ as well as a description of each. Many of them are organic coffees too. 1. Equal Exchange The secret to the success of Equal Exchange coffe is
Premium Fair trade Coffee
Civil War the North and South had many differences that challenged their ability to get along and work together. The North had things the South didn’t like and the South had things the North didn’t like. Each had their own good and bads. When comparing the North and the South there are many differences such as geography‚ economy‚ transportation‚ and society. The North and South had very different types of climate and geography. The North had warm summers and snowy cold winters. The North was very rocky
Premium United States American Civil War Southern United States
Conditions in South Africa before Nelson Mandela’s Presidency (1994) Before 1994‚ in South Africa a racial segregation system called apartheid was implemented under which the rights‚ associations and movements of the majority black inhabitants were curtailed and Afrikaner minority rule was maintained. With the enactment of apartheid laws in 1948‚ racial discrimination was institutionalized. Racial laws touched every aspect of social life‚ including a prohibition of marriage between non-whites and
Free South Africa Black people White people
2. Why isn’t money consider a capital in economics? Capital is a physical asset‚ which can be used to produce goods and services. Money is related to capital‚ in that it can be used to purchase capital‚ but it is not itself capital. The distinction is important if you consider that money can be created or destroyed through the expansion or contraction of credit‚ but this does not create or destroy any real capital. Money is capital. Money is the most common form of capital. Raising capital money
Free Economics Macroeconomics Unemployment
resources financially ‚ we as consumers are now faced with the choice of what to purchase and how much to purchase so that we may satisfy our appetite whilst still remaining well within our allocated budget. This scenario is basically the concept of economics’ placed into practice in one’s everyday life. To the average consumer purchasing products or goods that are relatively close to the product’s expiration date may seem risky‚ hazardous‚ life threatening to one’s health or to the more skeptical individual
Premium Marketing Price
MC equals MR‚ the profit is maximized. From the above table‚ when output level is 140 minutes‚ marginal revenue equals marginal cost ($10000=$10000)‚ so the profit-maximizing level of output is 140 minutes. (d) When the industry exists positive economic profit‚ it will attract new firms to enter into the industry. However‚ no more licenses will be offered by government‚ so no any new firm entering the industry. (e)(i) Collusion is a formal or tacit agreement to limit competition by setting output
Premium Marginal cost Economics Costs
In the world of economics‚ the two main recognizable concepts are supply and demand. These two simple lines influence the factors in the free market. This paper examines how the laws of supply and demand influence the process of reaching market equilibrium for USB flash drives. Law of Supply The law of supply states that‚ “other things equal‚ firms will produce and offer for sale more of their product at a high price than at a lower price” (McConnell‚ Brue‚ & Flynn‚ p. 54). The basic determinants
Premium USB flash drive Floppy disk Supply and demand
THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
Premium Supply and demand Monopoly