Irish Market Structures
Brief Introduction
This paper is an examination of market structures in Ireland in which I will be examining and evaluating examples of monopolies, oligopolies, perfect competition and imperfect competition. In each of these structures I will be discussing the theory and characteristics of the structures, an example of it and then go into a brief discussion about the example to see if it conforms to the theory.
Monopoly
Theory and Characteristics
The characteristics of the monopoly market structure is that it is a single firm in the industry, with complete control over the market. There is no competition against a monopoly, allowing them to set the price of their products or services as high as they wish. Due to monopolies being the only source
…show more content…
CRH is the largest company quoted on the Irish Stock Exchange and the only Irish company to appear among the top 160 companies in Europe by income in 2012. CRH plc was formed through a merger in 1970 of two Irish public companies, Cement Limited and Roadstone Limited. After the merge, CRH was the sole producer of cement, concrete products and asphalt in Ireland. CRH had a 100 percent monopoly in the production of cement until recent years when the Quinn factory was set up in Co. Fermanagh. CRH came into criticism over the years due to their ruthless policy of pressuring its competitors to the point where they had no option but to sell their business to CRH. Additionally, they were accused of bullying any small competitors of theirs and unfair trading. They were quoted as being like an “octopus within the Irish capitalist economy”. It’s said that the Cement Act gave a monopoly to Cement Ltd in the 1930’s which created a private monopoly which had huge power in the cement industry. A major reason as to why CRH became a monopoly in Ireland is that there is a significant barrier to entry when cement is produced in an island country. The cost to ship and deliver cement is quite high but the cost of value to weight is quite low. A few tonne of cement is quite cheap, but to transport it from one country to another is substantial. Due to this, cement prices were kept quite high, resulting in large
Sherman Anti Trust Act By Harold Evans
1025 Words | 5 PagesAs explained by Evans, monopolies were first established under European feudalism, where lords would grant the exclusive legal right to use or produce certain goods as a means of garnering loyalty, revenue, and commercial control from their subjects (Evans, pg. 62). Evans compares this practice, eventually outlawed in England due to abuse and the collective recognition that such practices not in the common interest (Evans, pg. 63). Evans uses this historical precursor to trusts to reveal the similarly negative both government- and market-based monopolies share towards competition, and by extension, the public good, echoing Section 2 of the Sherman Anti-Trust Act
Standard Oil Monopoly In The 1800's
406 Words | 2 PagesMark Thoma from CBS News says: “When firms have such power, they charge prices that are higher than can be justified based upon the costs of
Meriam V Ireland Case Study
585 Words | 3 PagesAfter an unfortunate loss and denied claims in the Supreme Court of Queensland, Mabo and his team took the case back to the High Court of Australia, where they initially filed a writ (a form of written command in the name of a court or other legal authority to act, or abstain from acting, in a particular way) in 1982 to claim ownership of their ancestral land. The Case of Mabo v Queensland (N.2) asked the High Court whether the Meriam people of the Murray Islands were permitted to hold native title over their land. This idea had not been tested earlier as the doctrine of terra nullius was seen to concern all Australian land. The plaintiff’s argued that Meriam people should be given the right to the Murray Islands "as owners; as possessors; as occupiers; or as persons entitled to use and enjoy the said islands".
Scots-Irish Research Paper
564 Words | 3 PagesThe oppressive past that the Scots-Irish faced in their home country optimalized the isolated geography of the Greater Appalachian region, as they were able to construct a society that was rooted in individual liberty as opposed to materialism. When living in Great Britain, the Scots-Irish were forced out due to a large increase in rent put upon by the landlords. As noted by a Scot-Irish in American Nations, “We having been, before we came here, so much oppressed and harassed by under landlords in our country, from which we with great losses, dangers, and difficulties came [to]... this foreign world to be freed from such oppression” (Woodard 104). Thus, as evidenced, the Borderlanders travelled to the New World in search of a life free of oppression.
Monopolies During The Progressive Era
560 Words | 3 PagesFurthermore, the monopolies got rid of the competition so there was no competitive price point. This was not fair for the commoner because the businesses could change the cost of their products and people would have to pay what they charged. The United States has tried to remove all of the monopolies starting with President Theodore Roosevelt. Today there are practically no monopolies in the United States, but in two-thousand four Microsoft was sued for a monopoly of their product Microsoft Word, this was a very rare
Why The South During The Time Period Of 1877-1920s Was Not Characterized By Racial Equality
1430 Words | 6 PagesMonopolies would coordinate with other businesses to set prices and to set policies. One example is the railroad monopoly. Cornelius Vanderbilt controlled several railroad companies and soared into wealth. With a monopoly over the railroads, he was able to cut out the middle man by reducing the power of the individual managers. John D. Rockefeller also controlled a monopoly only his was in oil.
Problems Jacob Riis Faced During The Progressive Era
849 Words | 4 PagesWhen firms have such power, they charge prices higher than they can
Case Study Of American Airlines Pricing Strategy
806 Words | 4 PagesWhy? iii) Which departments & functions control the final pricing decisions? iv) How can pricing be changed to gain an advantage in the industry? The return on companies developing a globally recognizable pricing capability is very high.
Disney Oligopoly: The Market Structure Of Walt Disney
1249 Words | 5 PagesMarket Structure - Oligopoly Oligopoly is a market structure whereby a few number of firms owns a lion’s share in the market. This market structure is similar to monopoly, except that instead of one firm, two or more firms have control in the market. In an oligopoly, there are no upper limits to the number of firms, but the number must be nadir enough that the operations of one firm remarkably influence and affects the others (Investopedia, 2003). The Walt Disney Company is categorized under an oligopoly market structure.
Apple Market Structure
1323 Words | 6 PagesQ1a. MARKET STRUCTURE OF APPLE INC Apple Inc. operates different types of market structure in terms of their different products. In the smart phone business, they happen to be one of the major players with their different models of the “iphone” which makes them operate in an oligopolistic market. Oligopoly arises when there is an imperfect competition in which there are just few firms producing similar products. As a result of high competition, monopolies, interdependence among firms there are just a few big players having the market power and making it very difficult for new firms to penetrate the market with their products.
Coca Cola Perfect Competition Industry
850 Words | 4 PagesWhen there is a large number of sellers and a large number of buyers in a market, that market is regarded as a perfectly competitive market or industry. In a perfectly competitive market, a single firm cannot dictate the pace and the selling price (Khan Academy, n.d.). In other words, one firm cannot set the prices and the competitors are obligated to market prices. What is fascinating about a perfectly competitive industry is that the barriers that prevent new firms from entering the industry are flexible; that means there are minor barriers of entry as well as little or no barriers to exit the industry (Rittenberg & Tregarthen, 2009). Additionally, buyers and sellers have all the necessary information to make a decision to buy or sell a product.
Apple Business Ethics Case Study
1848 Words | 8 PagesThe oligopoly market is set up in a way so that competitors can survive because each is unique and there are so few competitors that they are virtually indispensable even if some ethics atrocity
Coca Cola Market Structure Analysis
1093 Words | 5 PagesMarket structures describe the competitive environment in which a firm operates. The characteristics of the market structure will have a major-influence on the competitive strategies and tactics that are implemented by firms. (Octotutor, 2014). For the purpose of this analysis, I have chosen to analyze the Coco-Cola Company, which operates in an oligopoly. This type of market has many implications for both consumers and competing firms.
Importance Of Market Structure
1743 Words | 7 PagesThe other factors that influence the firm behaviour under a market structure are the efficiency. Firm will be more efficient in a competitive market while firms will be least efficient in a monopoly
Oligopoly Case Study
1870 Words | 8 Pages1.0 INTRODUCTION In an economy, there exists different market structures to accommodate different industries and firms. This study will be made to understand in further depth the market power of different market structures, and in particular an example of using case studies of agricultural sector of the French markets to explain how an ideal perfectly competitive market works. This will then be further strengthened with several references linked to the case study. 1.1 Monopoly market
More about Irish Market Structures
Sherman Anti Trust Act By Harold Evans
1025 Words | 5 PagesStandard Oil Monopoly In The 1800's
406 Words | 2 PagesMeriam V Ireland Case Study
585 Words | 3 PagesScots-Irish Research Paper
564 Words | 3 PagesMonopolies During The Progressive Era
560 Words | 3 PagesWhy The South During The Time Period Of 1877-1920s Was Not Characterized By Racial Equality
1430 Words | 6 PagesProblems Jacob Riis Faced During The Progressive Era
849 Words | 4 PagesCase Study Of American Airlines Pricing Strategy
806 Words | 4 PagesDisney Oligopoly: The Market Structure Of Walt Disney
1249 Words | 5 PagesApple Market Structure
1323 Words | 6 PagesCoca Cola Perfect Competition Industry
850 Words | 4 PagesApple Business Ethics Case Study
1848 Words | 8 PagesCoca Cola Market Structure Analysis
1093 Words | 5 PagesImportance Of Market Structure
1743 Words | 7 PagesOligopoly Case Study
1870 Words | 8 Pages