Only a single product is produced under monopoly and there is no product differentiation. Under monopolistic competition every producer produces differentiated products. Products are similar but not identical. They are close substitutes rather than perfect substitutes. They differ from one an¬other in design, colour, flavour, packing etc.
In the previous article entitled the myth of natural monopoly, it is discussed that natural monopoly does not exist and that monopolies were made usually through government interventions. Such government interventions are in the form of regulations imposed to avoid the so-called “market failures”. What is natural monopoly? Natural monopoly is a market condition in which due to high fixed costs, it would be more efficient for only on firm to operate since this would ensure lower average costs in the long-run. It is said that utilities such as water, electric and telephone service industries.
A monopoly is a market structure, where there is only one supplier or entity of a good or service in the market. In reality, a firm is categorised in UK as a monopoly when it has at least 25% market share (Economics Help, 2012). Monopolies can emerged from “exclusive ownership of a scarce resource, granted monopoly status by the government, exclusive patents or copyright to sell a product or protect their intellectual property” (Economics online, anon) or mergers and acquisitions to sell a good or service. One of the key characteristics for a monopoly is that the monopoly firm is a price maker because there is lack of competition. This position allows the firm to obtain abnormal profit in the long run when it operates at the profit maximising point, where marginal cost equals marginal revenue.
Although, government has had a long history of playing a big role by intervening in national affairs, it should only maintain modern commercial society because they limit the free market, the potential of nation states to grow from commerce. The government is only responsible to maintain and protect its modern commercial society, while religion should have no role in modern commercial society because it hinders the growth of a state by limiting labour potential and discouraging the pursuit of wealth. The maintenance of modern commercial society is significant because it paves the way towards economic prosperity which leads to positive
The novel capitalism of the 16th and 17th century is what brought stock exchange to its wake. (Wooldridge, 2003). The first company to trade their shares at a regular stock exchange was the Dutch East India company. Companies usually made voyages to newfound land and they needed people to invest in them to finance their travels. The only way to get huge substantial donations from investors was by protecting them, because it was dangerous, especially during the period of Colonialism.
Since both are free the traders would incorporate the freely available information into their trading strategies until trading is not lucrative any longer. The resulting prices would be static and incorporate all the available information. Only the arrival of new information could change prices. In reality, stock markets do have transaction and information costs, but that is only a sufficient condition, not a necessary one (Fama, 1970). Lastly, since prices already include all the available information, arbitrage trading in an attempt to generate excess returns is impossible.
It depends on the nature of the devices and the version that they operate upon. The processing power and battery power that it requires in order to operate is very low. This makes it an ideal tool for so many electronic devices, as the technology can be implemented pretty much anywhere.One major advantage is its simplicity of use. Anyone can figure out how to set up a connection and sync two devices with ease. Moreover, the technology is completely free to use and requires no charges to be paid to any service provider.The chances of other wireless networks interfering with yours are very low.
Hence, AC to DC converter or DC to AC inverter is a vital in order for the electrical power to change it behavior. This device will allow offer society a freedom in transferring electrical power in either way. Without this device, society will be limited to use their electronic devices as it will only operate by depending to the power source
By matching price to demand, hoteliers have a greater opportunity to capture higher profitability business during high demand periods. On the flip side, lower flexible rates during low demand season help generate additional demand that might not have existed before. Although, it is always wise to set a floor price, which should be equal to the lowest “positioning” price that you might be willing to accept for your product. The challenge of having a dynamic structure is that the revenue managers need to be on top of their game to manage demand as it is very easy to lose control of inventory if forecasting is erroneous. Having a revenue management system minimizes these errors; however, the majority of hotels today do not have a revenue management system as it could be expensive or might not have been budgeted.
In fact, most public hotspots don't offer any security at all, making these types of wireless networks inherently unsecure. This is because encryption methods such as WEP and WPA, which are usually used to protect private wireless networks, are not implemented due to the complexities of supporting users. For security and privacy reasons there are some precautions and things to consider when connecting to a public hotspot to make your connection more secure. Using an open public network is the easiest way to create a free hotspot. All that is needed is a Wi-Fi router.