1.c Oligopoly In an oligopoly market, the number of firms or sellers is few, and the entry of the other party is restricted, though more than one seller is allowed to enter in oligopoly market (Velasquez, G.M., “Business Ethics: Concepts and Cases”: 167). 1.d Monopolistic Competition In a monopolistic competition, the number of buyers is many and the entry of the sellers is free like perfect competition (Velasquez, G.M., “Business Ethics: Concepts and Cases”: 167). Type of Market Factors Monopoly Oligopoly Perfect Competition Monopolistic Competition Number of sellers One seller Few seller Large number of sellers Several/ many Entry to the market Restricted/ completely blocked Restricted Unrestricted/free Unrestricted/free Nature of product Unique Differentiated /undifferentiated Homogeneous Differentiated Demand curve Downward sloping, more inelastic Downward sloping, relatively inelastic Horizontal Downward sloping, relatively elastic Examples Local water supply Cars, electronics, Cement Carrots, Cabbage, Potato Restaurants, Builders Source: (Velasquez, G.M., “Business Ethics: Concepts and Cases”: 167).
Question 2 2. . He also added that the personal right to liberty or property is valid but the right to a pollution free society and living is more important than the property right. Every individual has their own property and liberty to use that property according to their wish but they should keep in mind that the nature is interconnected, once an individual pollute their property the others’ property also gets affected. When a person poisons his or her land or well, the other lands and wells also get poisoned, which harms the ecology and the environment.
Every other person is responsible towards the environment and its good health. There are many Anti Pollution Acts to save the environment and the people of the society should abide by those laws to enjoy as well as to give others a standard living. Though the view point of Blackstone does not solve the issue permanently, still there are few questions on the pollution and its acts such as, how much pollution to control, how much property rights to be limited for the environment and its health.
In relation to the above discussion, it can be acknowledged that both the rights are important for the society, without the right to property and liberty the society would have huge problems regarding the ownership of the property and the day-to-day activities. The farmers and fishermen are dependent on the environment, land and water. Without the right to property and right to liberty they would have real problem, but at the same time they are responsible to pollute the society as less as they can, which would maintain a balance between the people and the nature (Velasquez, M. G., “Business Ethics: Concepts and Cases”).
Question 3 Firm’s
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