Market Power Questions Essay Assignment
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Market Power Questions Essay Assignment
Write a one to two-page paper, addressing the following:
- Describe in your own words the concept of market power.
- What are the three reasons that a market might have a Monopoly?
- Give an example of two monopoly Firm exercising its market power.
answer the question above
give your opinion about the two student answer of the question above
the 2 student answers:
answers 1-
- A) Market Power
Market power is the ability of a company to determine the market value of a particular product or industry in general.
#Factors influencing market power: –
- Number of companies in a market for a company to have great market power in the sector in which it operates, the sector should not be very populated.
- Product Differentiation if a business can offer differentiated products and services that fill a gap in the market, it will gain market power.
- Pricing Power if a firm offers distinct products and services or has a significant market share, it can, to some extent, price its products and satisfy inelastic customer demand.
- Mobility factor if a sector offers the same ease of access to inputs as its products or services, the market power of individual firms will not improve.
- B) Monopoly: –
Monopolies can be seen as an extreme result of free market capitalism in the sense that, in the absence of restrictions or restrictions, a single firm or group becomes large enough to own all or most of the market. Particular type of product. Or service. In a monopoly, the firm can change the price and quantity of the good or service. In an elastic market, the business will sell a large amount of the good if the price is lower. If the price is high, the business will sell a small amount in an elastic market. Also In a monopoly, a seller produces the entire output of a good or service. The entire market is served by a single company. For practical reasons, the business is the same as the industry. The monopoly decides the price of the good or product sold. The price is set by determining the amount to be requested at the price desired by the company.
Oligopolies exist for three main reasons:
- Government barriers to entry: the government may limit the number of firms in the market.
- Economies of scale in production: similar to natural monopoly, but with smaller scale economies that are not large enough to generate a natural monopoly.
- Advertising campaigns: Breaking into some markets can be difficult without a very large and expensive advertising campaign
C). Utility industry and Andrew Carnegie Steel Company are example of monopoly market.
* The utility industry is a monopoly. Utilities monopolies provide water, sanitation, electricity, and electricity, such as natural gas and oil, to towns and cities across the country. However, the sector is heavily regulated to guarantee consumers fair prices and adequate services.
* Andrew Carnegie Steel Company: – Established a vertical monopoly in the steel industry by taking control of all levels involved in steel production, raw materials, transportation and manufacturing to distribution and finance. By 1897, it controlled almost all of the steel industry in the United States.
answers 2-
It is the firm’s ability to change the price of an item in the market through a change in the level of supply and demand, or both. It can be understood as the level of influence that the company has in determining the market price.
A company with market power has the ability to change at the market price and control the profit margin and its ability to increase obstacles before new entrants to the market are often known as women price makers because they have the ability to determine how to adjust the market price to an item without abandoning its share in the market.
b.
1- The government gives the exclusive right to a single production company. The government can restrict market entry by law, for example, through patent laws, which may lead to monopoly.
2- Ownership of the main supplier for one company a company that holds exclusive ownership of a major supplier can restrict access to the resource and create a monopoly.
3- Economies of Scale a company can provide a product at a lower cost than two or more companies can offer.
c.
An example of market power: When the iPhone appeared in the beginning by Apple, it had a large market because it mainly determined the market for smart phones and applications with the availability of the product for a short period of time. The cost of the iPhone is high due to the lack of competition, and the iPhone prices have been set by the company, not by the market.
An example of a monopoly: The American Tobacco Company has maintained unique control over the tobacco stretches of the market. Government regulations did not exist in the beginning, however, after the establishment of the antitrust regulation, it was dismantled.
when you give your opinion of the 2 student answers
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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