Posts Tagged ‘Shark’
Sunday, October 3rd, 2010
Despite the criticisms of monopolies, there are certain industries in which monopoly is the only logical form of organization. The best examples of this are public utilities and services: the public interest would not be served by having a dozen different companies providing gas, water, electricity, telephone service and local public transportation. The situation would be simply chaotic, which is why such industries are sometimes referred to as natural monopolies.
While monopoly is the only logical situation in such industries, there would be dangers in leaving such economic power in the hands of private businesses. As a result, natural monopolies are typically either nationalized (placed under government ownership and operation) or subjected to regulation of their prices. Sometimes their rates (prices) are regulated in such a way to permit the company to earn a certain rate of return on its shareholder’s investment, so as to be fair to both consumers and shareholders.
Many people believe that when natural monopolies are regulated by the government or by a board, these monopolies are therefore subject to control by the public. However, the matter or regulating monopolies is not as quite as simple as that. In order to regulate reasonably the prices to be charged by a natural monopoly, the people responsible for determining the regulations must possess considerable knowledge concerning that industry.
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Tags: Auto Dealer, Capital Car, Car Auto, Consumers, Different Companies, Economic Power, Electricity, Gas Water, Government Ownership, Many People, Monopoly, Natural Monopolies, Natural Monopoly, Private Businesses, Public Interest, Public Transportation, Public Utilities, Rate Of Return, Shareholder, Shareholders, Shark, Telephone Service
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Thursday, September 30th, 2010
There are two related but different approaches to the exercise of monopoly power. One approach is to state the price of the product, then produce only as much as can be sold at that price. This approach is most suited to a manufacturing operation, in which a list price is often established for an entire year, and production levels are adjusted during the year to ensure that there is no overproduction of the product. This approach can be summarized as raising the price, then restricting the output.
However, not all producers can schedule their output quite so precisely. In the case of agricultural products, crop sizes vary with the weather and other circumstances, and cannot be tailored to suit a predetermined price – in such cases, there is a risk of overproduction driving prices downwards. To deal with this, producers sometimes hold part of their output off the market, so as to prevent prices from falling. In some cases, such as Brazilian coffee, part of a large crop is actually destroyed, while in other cases, such as Canadian wheat and industrial skim milk powder, it is put into storage, usually with the assistance of government agencies. This approach can be summarized as one of restricting the supply so that the price moves to a higher level on its own, in the marketplace.
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Tags: Agricultural Products, Brazilian Coffee, Canadian Wheat, Circumstances, Eagle Ridge Gm, Exercise, Gm, Government Agencies, Marketplace, Mazda, Milk Powder, Monopoly, Monopoly Power, Overproduction, Producers, Risk, Shark, Storage, Weather
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Sunday, September 26th, 2010
We have said that monopoly is defined as a situation in which there is only one seller of a particular good or service. This, however, is not as simple as it may seem. For example, each individual barbershop could be said to offer a unique particular service, because it has its own barbers with their own personalities, styles, its own magazines, location, and so on. Yet it would be silly to call each local barbershop a monopoly, because there are many competing barbershops within a reasonable distance – in short, one individual barbershop may possess certain elements of uniqueness and monopoly, but it does not have that degree of economic power over the consumer that we associate with monopoly. At the other end of the scale, consider the example of telephone services, a case that is generally considered to be a monopoly.
Even in this case, things are not so simple, because Bell (or your local phone company) does not have a complete monopoly of communications; there are other forms of communication available, even if these are not very close substitutes for telephone communications. So even Bell’s monopoly is not as pure as one might think.
So there is some element of monopoly even in highly competitive situations, and some element or competition even in highly monopolistic situations. There is probably no such thing as absolute monopoly, so in defining “monopoly” we have to fall back mostly on common sense. Thus, we could call Bell Telephone a monopoly, and we would not call a barbershop a monopoly.
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Tags: Absolute Monopoly, Barbers, Barbershop, Barbershops, Bell Telephone, Common Sense, Economic Power, Element, Elements, Forms Of Communication, Heating Cooling, Iphone, Local Phone Company, Magazines, Monopoly, Personalities, Postscript, Shark, Telephone Communications, Telephone Services, Uniqueness
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Wednesday, September 22nd, 2010
The demand curve indicates that, while the firm could raise its price, the demand for its product is so elastic that it would be unprofitable to do so…too many sales would be lost. However, the firm in monopolistic competition is not always in such a helpless condition. To the extent that a firm can make its product or service different from those of its competitors its operations and its costs. Where can people with such knowledge and experience be found? One likely source is the industry itself, in the person of retired senior officials, such as executives and board members, of the company being regulated. Even if the regulators come from outside the natural monopoly being regulated, they must depend heavily for their information on the management of the company. Thus, the process of regulation is far from the clear cut, objective procedure it is often believed to be, since the people who impose the regulations are not (cannot be) uninfluenced by the corporation they are intended to regulate. This raises the question of whether regulatory boards can always be counted upon to act in the best interests of the consumer, or whether the interests of the producer might not take precedence, as has been suggested in the case of the regulation of the airlines. It is neither possible nor fair to generalize concerning the effectiveness of regulatory boards, since some seem to be much more effective protectors of the consumer’s interests than others.
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Sunday, September 19th, 2010
- there are many small firms in the industry.
- it is easy for new firms to enter the industry, and
- all firms’ products are not identical – each firm’s product or service is in some way different from those of its competitors.
Conditions (a) and (b) ensure that the industry will be highly competitive, and that prices and profits will be held down to low levels. However, the fact that each firm sells a product that is in some way different from the other firms’ products adds a new dimension to the situation: because the products of different firms are not identical, their prices do not need to be identical. Thus, a firm in a monopolistically competitive industry has some (small) opportunity to increase the price of its product – although not by much, because the large number of competitors selling similar products would cause many sales to be lost if one firm’s price increased by much. This reflects the fact that, while the demand for the individual firm’s product is not perfectly elastic as in perfect competition, it is still basically highly elastic, due to the competitiveness of the industry.
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Thursday, September 16th, 2010
With greater control over prices, it can be expected that oligopolistic industries will generally enjoy higher rates of profit than competitive industries. In competitive industries, above-average rates of profit usually attract new producers into the industry, causing output (supply) to rise and prices and profits to fall. This does not happen so readily in oligopolistic industries for several reasons, known as “barriers to entry” to an industry.
A major barrier to entry into many oligopolistic industries, such as steel mills and automobile manufacturing, is the vast amount of capital required to start business on a large enough scale to be efficient and competitive. A related problem for newcomers concerns securing a sufficient volume of sales to support an efficient level of production. One problem facing newcomers in this area is the tremendous volume and cost of advertising required to compete on the terms used by the industry leaders. Some oligopolists spend from 15 c to 40 c of every sales dollar on advertising – something a struggling newcomer could scarcely afford. Another problem that a newcomer would face would be consumer acceptance – regardless of how good the products of the existing producers are (or aren’t), the consumer has become familiar with them over the year, and the familiarity is strongly reinforced by the heavy advertising that oligopolists usually do. It is quite difficult for a newcomer to break down these attitudes. Another problem that prevents newcomers from imitating and established producer’s product is the patent, which is a legal device that has been used to great advantage by the drug companies.
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