A monopoly from start to finish Essay

During out studies this term we have learned a lot about a Monopolistic way a company is able to maneuver in the business market and I would like to refresh your mind by offering a clear definition. A Monopoly is a situation in which an entity, either an individual or an industry or organization, is the sole supplier of a particular good or service. As such, this supplier has no competition from other suppliers and is able to control the market value of the commodity. Some monopolies are government-enforced or controlled, while others form naturally or through company merger. According to our focus of this paper, we are asking about the long-run competitive equilibrium of the Wonks Company that was earning a normal rate of return and were competing in a monopolistically competitive market structure. One of the questions we must answer regarding this change in business structure is how the company’s shift to a monopoly will benefit the stakeholders involved. One of the stakeholders who may be involved is the government. Monopolies sanctioned by the government are called legal monopolies. These are considered coercive monopolies, meaning that other companies are forbidden by law to compete against them. Governments also maintain some control over monopolies through competition laws, which prevent monopolies from engaging in unscrupulous or anti-competitive practices (http://www. reference. com/motif/Society/advantages-disadvantages-of-monopolies). The second question is how a Monopoly will affect other businesses and after research it is quite obvious from the definition of a monopoly that other companies do not have to worry about competition from other companies in the same market. Consumers are affected by this change because they must either purchase the product or service from the monopoly or do without it. When a company transitions from a monopolistically competitive firm to a monopoly, there will be changes with regard to prices and output from both of these market structures. So, let’s take a closer look at how prices are affected when a firm becomes a monopoly. A common practice among some monopolies is price discrimination, in which the monopolist charges some segments of the population more than others for the same product or service, based on a higher need or a wealthier consumer base. This would usually be called price fixing which is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. When the monopoly is able to prevent buyers from reselling their product, they may be able to price discriminate to accentuate the effects of monopoly power. In my opinion the most important group that is affected by a Monopoly are the consumers. Monopolies can impact consumer prices in two obviously different ways, they can cause prices to drop so low that it forces companies out of business or it an cause prices to skyrocket making it difficult for consumers to purchase a product, neither being a good option for the consumer. If one business is the only provider of a product or service, the consumer is forced to pay whatever the price they demand. This can also lead to the company providing a low quality product or service without fear of losing business (Home, 2009). Since monopolies are the only provider, they can set pretty much any price they choose, regardless of demand, because they know the consumer has no choice. Is this sort of thing fair to consumers? Of course not, but it is how big business is able to stay on top of the market. For example, most people find that Apple products have an outrageous price tag, but I have come to learn that the quality of their products is outstanding and I estimate that Apple will continue to rise in popularity for years to come. It has also come to my attention that because Monopolies try to monitor the price of products they may resort to price discrimination. Price discrimination is sometimes defined as the practice of a firm selling a homogeneous commodity at the same time to different purchasers at different prices . Of course, I believe it is important to understand what and how price discrimination occurs. â€Å"Price discrimination exists when two similar products which have the same marginal cost to produce are sold by a firm at different prices. This sort of practice is highly controversial in terms of its impact on both consumers and rivals† (Price Discrimination, 2006, p. 1). There are many ways to accomplish these sort of conditions because the transactions surely need not be simultaneous; indeed, there is temporal discrimination, such as between Sunday rates and week, day rates, matinee and evening prices, peak rates and off-peak rates, season and off-season prices. To sell different qualities or products with different marginal cost at the same price, or to buy different qualities or factors of different efficiency at the same price, is also discriminatory. Based on all of this useful information we must also answer the question regarding which market structure is more beneficial for Wonks to operate in and will this market structure benefit consumers? In my opinion it is based on the level of quality and service of the products and how much consumers are willing to pay for the products they want to purchase. In a monopolistic competitive market the consumer may choose to purchase a substitute product for a lower price, but only if the consumer values price over value. Of course with a monopoly there may be only a few companies offering a substitute product. If one company’s product becomes too high in price, the consumer will eventually look for another brand that offers similar use. According to economist, the monopolistic competitor’s demand curve is less elastic than a pure competitor and more elastic than a pure monopolist. Monopolistic competitors have excess capacity which means that fewer companies operating at capacity could supply the industry output. It is my opinion that Wonks might operate more beneficially as a Monopoly than at a Monopolistic Competitive firm because they will not have as much competition to deal with and they can corner the market with value and price. Resources: 1. McChesney, F. S. , Shughart II, W. F. , & Haddock, D. D. (2004). ON THE INTERNAL CONTRADICTIONS OF THE LAW OF ONE PRICE. Economic Inquiry, 42(4), 706-716. doi:10. 1093/ei/cbh091 2. Mainwaring, L. L. (1977). MONOPOLY POWER, INCOME DISTRIBUTION AND PRICE DETERMINATION. Kyklos, 30(4), 674. 3. https://www. fcsknowledgecenter. com/uploads/2011_Row_Crops_Industry_Perspective. pdf 4. http://academic. udayton. edu/lawrenceulrich/Stakeholder%20Theory. pdf 5. http://www. answers. com/topic/mergers-and-acquisitions 6. http://www. helium. com/items/1405663-what-is-a-monopoly-what-do-monopolies-do-how-is-the-economy-affected-by-monopolies 7. Case, K. E. , Fair, R. C. , and Oster, S. E. (2009) Principles of Microeconomics (9th ed). Upper Saddle River, New Jersey: Pearson Prentice Hall.

Importance of Time Essay

Time is said to be eternal. It is said that it has neither a beginning nor an end. Yet men are able to measure it as years, months, days, hours, minutes and seconds. They have also given meanings to the words – past, present and future. True, time has a meaning. It moves.Yet time is said to have no holiday. It exists always. Every movement of creation is linked with time. One cannot grow paddy in a month nor can a child become an adult in a year. Everything is fixed . Time is a free force. It does not wait for any one. It is commonly said that time and tide waits for no man. Time is money. A minute not usefully spent is an eternal loss. You can never get back the lost minute. One has to strike the iron when it is hot. The time flies and never returns. If you waste time it wastes you. To utilize time fruitfully, we must take concrete steps as to how we are going to use it and what we are going to do with it. There is a proverb which says that killing time is not a murder; it is a suicide. It means, by wasting time one is not harming others. On the other hand one is harming himself. A man who is a part of nature cannot complain against time. Time is powerful. It conquers all. Men are only to obey it. Man cannot say that he has nothing of his own. Time which is valuable is all his own. If you are not on time and miss the train, you miss it fore-ever. So also the time, once you miss it, it flies off. You can never catch it. Hence it is called fleeting time. Let us learn to use our time fruitfully. This is the key to success because time can create us or destroy us. It all depends on how we utilize time.

The Technology behind MMOG or MMORPG Lab Report

The Technology behind MMOG or MMORPG - Lab Report Example The ever growing internet is one of the factors that can be attributed to the huge success that is witnessed in gaming. It has made it possible to have improvements on the dedicated gaming on the game consoles, the gaming PCs and most importantly, the chance to engage with other players irrespective of their global positioning. The advert of the Smart phones and mobile broadband has also made it possible for people to access the games using their mobile phones. This has also led to an increase in the number of companies that are developing games. Private developers have also not been left out especially after the launch of Android open source platform. Traditionally, gaming was seen as a thing for young boys. This has however changed significantly over the years thanks to the introduction of mobile phones and social networks. Developers have come up with games that are friendly to children, women and even girls. Some of these additions include puzzles, quizzes, arcades and even educa tional games. In fact, it has been observed that women gamers even outnumber their male counterparts in some age sets (Adolph, 2010). The best indicator to how much gaming has impacted the current society is the reports given in the Technology watch report by Adolph (2010). Reportedly, a gaming company lost over 171 million dollars when it experienced a one month outage. Terminals and platforms The gaming industry has seen a huge improvement not only in hardware but also in software over the years. In fact, gaming usually reflects the best and state-of-the-art electronics that are available in the era. The gaming industry has come along way. It began as single game units otherwise known as the pong machines which were placed in arcade halls in the 70s and the 80s. This was followed by the gaming consoles in the 90s and PC games also came on the scene almost concurrently with the gaming consoles. The PC game revolution paved way for easier and more convenient gaming since the games c ould be transported on ROM cartridges, tapes, CD-ROMS and DVDs. This is known as the sneakernet method of transporting games. The evolution in the gaming industry was rapid but the rapid development brought with it the challenge of lack of interoperability. The incompatibility of games and accessories of the games on the platforms provided was a huge challenge not only to the gamers but also to the developers. The advent of social networks and mobile phones has greatly helped to reduce the issues of interoperability but the challenges are still not fully solved. There are still many games that are platform locked (Adolf, 2010). Consoles Microsoft, Sega, Nintendo, Sony and Sega have taken the game industry by storm. They have likewise changed over the years in response to the changing environment in the ICT world. Some of the considerable advancements that have been introduced over the years are network functions, input devices like guitars, joy sticks and other natural user interfac es. The graphics of consoles have greatly been enhanced too. Each company has come up with its own devices that are locked to their platform in a bid to lock in the customers they have. This is a disadvantage to the gamers since the environment makes it impossible for gamers to use any third part accessories on the consoles. In fact, it is not even possible to transfer ones scores in a game from one console to another. Personal computers The contribution of

Network security Essay Example | Topics and Well Written Essays - 750 words - 2

Network security - Essay Example This organization has helped the company reduce costs, respond better to organizational needs and customer base to orders, and procure services quickly. The current security setup is consistent with the context of the organization and the network type as people accessing the network include employees of the company who are trusted to use the network in an ethical and legal manner. It has emerged that company communications and data relating to component stock planning, distribution and support are mostly use the network. The idea compels the company to constantly advance to motivate sales performance. Although VAC supply chain data and company communication is in accordance with the network current size of the local area network, the company has expansion plans that focuses towards increasing the size of the supply chain to include outside suppliers and customers. More importantly, the company aspire to communicate with its customers using its computer network and a wide area network WAN. The issue gives national connectivity, which is essential for its business agenda. It is with this respect that the paper will analyze the current LAN security considerations applicable in the company and propose a new network security applicable for the WAN connectivity. The stages of security analysis for VAC, network security design, security implementation and security management transpires elaborately. The proposed solution is highly anticipated to provide sufficient security for a bigger VAC using Wide Area Network to facilitate better communication with its customers and suppliers. The important concern in LAN is security, which is mostly evident in WLAN where a large number of information travels across the air in the form of radio waves. Wireless networks subjects to intense security threats as compared to wired networks. Since they are the latest focus of

Managing Decision Making Essay Example | Topics and Well Written Essays - 500 words - 1

Managing Decision Making - Essay Example David Olsen is one person who had a visionary style of decision making through which he was able to accommodate the views of other workers with a friendly perspective and this contributed to him being liked by many employees. This style enhances transformational leadership (Mintz and DeRouen, 2010, p.47). This is as opposed to Sally Olsen who had a different perspective and a style for decision making which aimed at preserving the company regardless of the facts of the issues that other people could have. Her style of decision making may cause many people to avoid their participation in an organisation’s projects (Speier, Vessey and Valacich, 2003, p.63). Bella Murphy, Ben Simmonds and Archer Wilson are kind of managers that are using a motivator style of decision making; this is indicated by the way they respond to the different things they encounter in the organisation by ensuring that they listen carefully to the people who surround them and having their view and perspectives considered (Verma, 2009, p.37). Through their action, they are able to establish their decisions in a way that ensures that they include the perspectives of others as opposed to Gregory Jones, Madeline Roberts and Charles Morriss who remained resistant to change and never make any consultation. The decision making styles of the three prevented fast progression of the company in attainment of a reliable system of managing funds. Bella uses catalyst style as she motivated the site manager to give their views about â€Å"Trackit† and encouraged them to learn to use it. Ben Simmonds is a person that has indicate a flexible decision making style since he wa s able to decide on ways to assist different people that needed him. This style enables a leader in a management in an organisation to be productive in his or her delivery of services for he has many ways of responding to issues (Coscarelli, 2007, p. 23). In order to enhance participation

National Labor Relations Act Essay Example | Topics and Well Written Essays - 500 words

National Labor Relations Act - Essay Example For a while, the employees felt a sense of contentment with the recognition of their rights made through their unions only to be plunged ultimately by the assertion of the Taft-Hartley Act in 1947. The labor law is defined comprising mainly on the elements of law, and in its entirety deals on the state policies on labor and employment. It' constituents are composed of the persons, individuals, labor organizations, partnerships, corporations to name a few. On the one hand, an employer may be an agent directly or indirectly of any institution government or not that utilizes the labor force in it's earning capacity. Karl Marx would have blatantly the employer as: "the capitalist". Albeit a non-foolproof provision, the Act as a law considers it illegal for employers to exercise interference, restraint or coercion on a union's collective activity. The Act also prohibits domination and refusal of employers to bargain in good faith with union representatives. Illegality is also seen in cases where the employer retaliates for the filing of unfair-labor practices charge and the discrimination against employees who take part in union or any other collective activity. Threats from employers against union members fall under the category of union-busting along with coercion, disciplinary actions, suspen

Home Delivery Service Case Study Example | Topics and Well Written Essays - 1000 words

Home Delivery Service - Case Study Example Home delivery is a marketing weapon by which the products are made available at the door steps of customers. The most important attraction of this system is that the customers need not shop at the outlets; instead products are made available at customers' home at their convenient time. With this background, the present study aims to measure the satisfaction level of the customers of Hong Kong Electrical Appliances with special reference to home delivery. The study aims to explore how successful the home delivery service wing of the organization. Customer satisfaction perhaps is one of the most sought after area of research since time immemorial. The present literature review covers the studies undertaken in the various service businesses. In the word of S.S. Andaleeb, satisfied customers is the outcome of communication, competence and demeanor cost, facilities, among hospital customers in Pennsylvania (Andaleeb 1998). Another significant study observes that the core service quality and perceived value were the most important drivers of customer satisfaction (McDougall and Levesque 2000). However, F. Olorunniwo and Hsu M. K. were of the conclusion that responsiveness, tangibility, reliability, knowledge and accessibility determine service quality and satisfaction (Olorunniwo 2006). ... There are two states among the customers on a product or service after its use/consumption. Some of the customers are satisfied and the rest is dissatisfied. For the purpose of this study, the variables considered for measuring customer satisfaction on home delivery include the following: Availability of Products at convenient times of end users (Nguyen et al., 2007; and Abubakar et al., 2001); Range of Products for selection (Nguyen et al., 2007; and Abubakar et al., 2001) Products are of good quality (Spiller et al., 2006; and Abubakar et al., 2001); Reasonable Price (Spiller et al., 2006; and Abubakar et al., 2001); Helping Marketing Team (Parasuraman et al., 1988; Nguyen et al., 2007; and Sivadas and Baker-Prewitt, 2000); Pleasing Marketing Team (Parasuraman et al., 1988; and Wong and Sohal, 2003); and Flexibility in mode of Payment (Wong and Sohal, 2003) Objectives of the Study The ultimate objective the study is to measure the satisfaction level of the customers on the home delivery service of Hong Kong Electrical Appliances and thereby understand how successful the firm is in home delivery service. Specifically, the following objectives are set by the organization: To understand whether the customers are satisfied with home delivery service; To identify what are the defects of the present home delivery service; To explore the present problems of the home delivery service wing; To improve the service quality of the wing Research Methodology The overall typology of the present study is exploratory one as it seeks to establish relationship among the variables stated above. The study takes a quantitative approach wherein data relating to customer satisfaction are analyzed using quantitative methods. Moreover, it takes a survey approach in which