Market Structures Essay Example | Topics and Well Written Essays - 500 words

Market Structures - Essay Example There are many firms. Each firm owns a percentage of the total market share. Furthermore, products are differentiated in pricing strategies, style, brand name, advertisement, and packaging. Here are no barriers to entry and exit. Monopoly There is a single seller such that the industry and firm are synonymous. Monopoly markets have unique services and products that do not have close substitutes. The firm in a monopoly market is the price maker and has considerable control over the price as it can control the supply of the product. Monopoly markets have barriers to entry and exit. Oligopoly There few large firms with each firm considerate of their rivals’ decisions and reactions to its decisions regarding output, advertising, and prices. Products in an oligopoly market are differentiated. There are barriers to entry in this market due to the requirement of huge capital investments and economies of scales. Demand Perfect Competition Individual firms in a perfectly competitive ma rket view their demand as perfectly elastic that is a horizontal line at the market price level. However, the industry demand curve is not perfectly elastic. The demand curve is perfectly elastic for individual firms because they are price takers regardless of the quantities they produce. This explains why the demand curve for firms in a competitive market is a horizontal line at the market price. Monopolistic The demand curve of firms in a monopolistic market is highly elastic, but not perfectly elastic.

Private Companies and Correctional Institutions Essay

Private Companies and Correctional Institutions - Essay Example This is not the case if things are handled in a proper manner when there is an all-out understanding that the private companies would follow the state’s dictum. The correctional institutions if set up under the realms of a private company, should be closely watched over by the state because this could mean problems of a magnanimous nature if the private companies prison individuals with which they have their own respective enmities and rifts. Having such jails would be tantamount to bringing in anarchic situations within the private companies and indeed the society at large, as there are problems that need to be understood before drafting in the correctional institutions (Cecil, 2010). What is even more significant is the fact that these correctional institutions should always be monitored regularly because this is the need of the hour. As far as the role of the private companies is concerned, the correctional institutions would always have to be bringing in the value for the sake of the society because the governmental believes in the same philosophy and it is only natural to think of it as such within the private companies. The private companies must comprehend that having correctional institutions is indeed a sensitive issue, and one that demands a great deal of vigilance and responsibility. The consequences of any weaknesses on the part of these private companies could have far reaching ramifications and the role of the top management within such private companies is one of essence. Administering such sensitive functions should only be carried about if the private companies believe in their strengths, and then only undertake such efforts to have correctional institutions within their fore. ... If these private companies believe that they can set up such correctional institutions and take care of the administration affairs at a later stage, this is asking for trouble. The state must not allow such private companies to undertake measures of correcting individuals who have committed a crime or have been labeled as offenders. The need is to carry out all the actions and tasks in a very honest way because the greater good of the society is at stake, and thus the private companies should always be certain that they will be at their best under such situations. What is even more interesting is the fact that the dangerous functions are understood properly by the private companies before these think of venturing into such domains. If they do not have any idea of the gravity of the tasks that they are getting into, it is in their best interest to keep away from the same, and concentrate on their core business areas. Works Cited Cecil, Dawn. Televised Images of Jail: Lessons in Contro lling the Unruly. Sociology of Crime Law and Deviance, 14,