Goverment policy and perfect competetion essay

These government essays make youngsters active participants in the democratic framework of the country, aware of their government and its policies. A government essay can make them scrutinize and think on their feet and grow into citizens with civic responsibility. Government essay topics are many and when picking one it is important to be very specific.

Goverment policy and perfect competetion essay

Get Full Essay Get access to this section to get all help you need with your essay and educational issues. One of the key determinates to a successful national economy is the structure of its markets.

The main market structures are: Monopolistic Competition Each of these market structures have unique characteristics, and can be classified according to three factors. The degree of competition, the first factor, is important as it classifies markets into different market structures.

It compares the relative sizes of firms, the amount of sellers vendors and the barriers of entry to the market. The second factor is pricing strategies.

Goverment policy and perfect competetion essay

On the other hand, a smaller, less powerful business will usually have extremely little or no power to set the price. The final factor to be taken into account when classifying a market structure is the profit of a firm, and their performance compared to others if applicable. Every market is classifiable into one of the four market structures: A monopoly is a situation where one firm completely dominates the market.

There can be several circumstances that result in a monopoly.

An essay on government is one of the popular topics in many schools and colleges. These government essays make youngsters active participants in the democratic framework of the country, aware of their government and its policies. In its most basic essence, democracy refers to a system of government whereby the people of a country place representatives into the role of national administration via the casting of a ballot. The most commonly known policy that has affected all of the services is the human rights policy. This act was passed in the UK in which protected us and gave us the right to life, education, liberty and security and freedom of expression.

A monopoly also results when no substitute product is being sold, leaving the consumer able to purchase only the monopolized product. This means that the market has extremely high barriers to the entry of another firm. In Australia today, however, there are very few monopolies, but they still exist.

A prime example would be the water company. In order for a healthy marketplace and therefore economy, the government places restrictions on monopolies.

The main reason for this is the fact that monopolistic firms have absolute power over the pricing of their products. Without government intervention, monopolies could charge any price for their products and consumers would be forced to purchase the product due to the lack of competition.

A perfect example of a government restriction on monopolistic behaviour is to place a price ceiling on a product. This means that if the company sells its product for an amount greater than the quoted price ceiling, the firm is breaking the law.

An oligopoly is a prime example of imperfect competition. They are the most common type of market structure in Australia, and they involve a few relatively large firms with a relatively large market share.

The firms involved sell similar products, and the barriers to entry into the market are quite high this explains why there are only a small number of firms.

Advertising is a key part of an oligopoly.

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A successful advertising campaign gets the public eye, and attracts consumers to the firm in question over those who do not advertise at least as successfully. The key advantage of an oligopoly is that the firms involved have high price setting abilities. Perfect competition in a market consists of many small firms selling identical products and services.

Demand is perfectly elastic and the firm is price taker — since the companies individually produce a very small percentage of the total industry output, they have no influence on the market price. They can only accept the prevailing market price. There are no barriers for entry to the industry.

Advertising is practically pointless in perfect competition — because the products are virtually indistinguishable from each other, the purpose of advertising is defeated.

Perfect competition is a theoretical market structure. This means that in theory, it is possible, but it is not usually common practice in an economy.

Monopolistic competition is a market in which a very limited number of very large firms operate, selling similar products. The main difference between the products of the companies is packaging and display. In monopolistic competition, advertising plays an extraordinarily important role — the companies need to distinguish between each others products, and come out saying that theirs is worth purchasing.

The consumer selects the brand that they prefer or appeals to them the most, and they always buy that over the competition.Documents Similar To what is good government (essay) Good Governance and Social Responsibility.

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Goverment policy and perfect competetion essay

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government failure seems straightforward: it is the failure of government to respond by correcting market failure when a feasible correction can be shown to exist. 2 For example, as Pigou (; ) argued, the correction for . Difference between Perfect and Monopoly Competition Article shared by The first difference between perfect competition and monopoly is that while in perfect competition the MC curve of the firm must be rising at the equilibrium output, in monopoly this need not be the case.

Essay text: I see the U.S. Government under Bush’s leadership to be a form of a totalitarian government because he is taking absolute control over what we say and what we can and cannot do.

Bush is taking away our . Perfect Competition A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Economists argued that perfect competition would produce the best possible outcomes for consumers.

Perfect Competition and Question Essay Example | Graduateway