Results (
Thai) 2:
[Copy]Copied!
Private goods are excludable, like food, clothing, toys, furniture, and cars, which are types of goods that can be rival and non-rival. For example, rival goods are types of goods that consumer prevents the usage of the goods at the same time, durable goods and the usage can be shared with others, such as lather. However, in contrast the rival goods can be unendurable such as food, once eaten, cannot be reused. In contrast, non-rival goods can be consumed by the consumer and will not prevent simultaneous consumption by others. These kinds of products are broadcast TV as when in use in one place does not prevent it from usage in other places.
Natural monopoly represents the single source of a product and that no other industry can expand the supply such as water, electricity, and natural gas. The cost of possessing a firm such as water and power is so high that it is not profitable to build another firm to compete. Typically natural monopolies are utilities, which are regulated by the government to prevent them from exploiting with high prices. Natural monopoly should not be compared to Monopoly, as monopolies are normally short-lived because the technological advances developing competition for an industry (n.a. June 6, 2005, 2/5).
“Economists define a public good as being non rival and non excludable.” (econport.org, 2006) This means that the good is readily available and that by one person consuming or using it, it will not keep that good from being used or consumed by another. “A private good is rival and excludable” (Econport.org, 2006). This is the opposite of a public good. This good is in limited supply. Only a certain number of people are able to have it.
There are several market structures in which firms can operate. The type of structure influences the firm’s behavior, whether it is efficient, and the level of profits it can generate. Perfect competition means that has a market situation in which a lot of sellers or producers producing and selling homogeneous product. Monopolistic competition is which there are many firms selling differentiate products in a market. In addition, oligopoly is market structure in which there are a few independent companies and monopoly is the only one seller in the market and control the entire market.
Find out more from UK Essays here: http://www.ukessays.com/essays/economics/conclusion-of-perfect-competition-monopolistic-competition-economics-essay.php#ixzz3OFcIyvC1
Being translated, please wait..
