We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Micro and Macro - What Happened to Price, Quality and Choice in the UK Spectacles Market after Deregulation - Essay Example

Comments (0) Cite this document
Summary
Micro and Macro - What happened to price, quality and choice in the UK spectacles market after deregulation? Market regulations and deregulations are always expected to be applied in order to affect the price and quantity combination of various goods and services and thus affecting the choice of consumers regarding these regulated or deregulated goods and services…
Download full paper
GRAB THE BEST PAPER
Micro and Macro - What Happened to Price, Quality and Choice in the UK Spectacles Market after Deregulation
Read TextPreview

Extract of sample
Micro and Macro - What Happened to Price, Quality and Choice in the UK Spectacles Market after Deregulation

Download file to see previous pages... Deregulation: There were number of regulations and deregulations that happened in the United Kingdom in the market for spectacles. In the country, more than 70 percent of the total market for spectacles is concentrated among the four big sellers or producers. In the United Kingdom, those who produce and sell spectacles and/or contact lenses are called Opticians (Davies et al., 2004, p.4). These deregulations started in the 1900s and happened in 1948, 1958, in early part of 1960s or 1970s and in 1979. Various changes have been made during implementation of these deregulations in the country. For instance, in 1900s the demand of the Opticians regarding legal recognition of status of these opticians has been met. In 1948, provision of spectacles has been incorporated in the NHS. In 1958, “The Opticians Act established a legal monopoly for sight tests and the dispensing of spectacles, and prohibited most forms of advertising”. In 1960s and 1970s, trade restrictions have been removed by the Restrictive Practices Legislation Act in many industries across the country along with this spectacle industry. During this time this removal of restriction raised the question that whether professional service industries will be allowed to enjoy these facilities or not. The most important deregulation occurred in the 1970s when The Monopolies Commission (MC) opined after investigating the Restrictive Practices in mainly in professional service industries that advertising will be prohibited in the market for spectacles. During this time, the Monopolies Commission also concluded that this reduction in advertising of spectacles will increase the prices of spectacles and will increase the level of competition among firms in the market for these products by encouraging new entrants to enter into the industry (Advertising Association (Great Britain), 2002, pp.512-517). Finally, in the 1976 and in 1979, the final deregulations were set in the market for spectacles in the country. During these times reports of two Price Commissions (PCs) revealed that there exists lack of competition in the market for spectacles in the country and suggested that all restrictions on advertising of spectacles have to be removed. These Price Commissions also suggested that provisions for ‘sight tests and prescriptions from the retailing of spectacles’ have to be separated in the market for spectacles in the country. In 1982, further investigation by the comprehensive Office of Fair Trading (OFT) came up with the suggestion that unregistered retailers are needed to be encouraged to enter into the market and thus to help to reduce the price level. The OFT also suggested to remove restrictions on advertising for encouraging new entry, stimulating innovation in the product and also for increasing the level of choice of consumers (Davies et al., 2004, p.9). Effects of deregulation in Price, quantity and consumers’ choice: These deregulations affect prices, quantities as well as choices of consumers of spectacles in the UK market for this product. With the introduction of the deregulation in the market for spectacles new entrants entered into the market. With the help of this new entry, competition in the market was increased and hence, companies which were selling spectacles ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Micro and Macro - What Happened to Price, Quality and Choice in the UK Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1443439-what-happened-to-price-quality-and-choice-in-the
(Micro and Macro - What Happened to Price, Quality and Choice in the UK Essay)
https://studentshare.org/macro-microeconomics/1443439-what-happened-to-price-quality-and-choice-in-the.
“Micro and Macro - What Happened to Price, Quality and Choice in the UK Essay”, n.d. https://studentshare.org/macro-microeconomics/1443439-what-happened-to-price-quality-and-choice-in-the.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Macro and micro economics
The comparison is carried out between these two factors. In the ratio of Ann’s to peter’s case, Ann has a lower utility function than peter because peter is on medication. The amounts that peter will spend on medication makes him more vulnerable in spending.
6 Pages(1500 words)Essay
Macro & Micro Economics
The effectiveness of the two policies is derived from the way the combination of both policies affects the aggregate demand in the economy (APE). The monetary policies affects the supply function (ASF), thereby shifting the supply curve towards the right or left.
8 Pages(2000 words)Essay
The Difference between Macro and Micro Economics & Price Elasticity of Demand
Macroeconomics deals with whole economy and is concerned with issues such as changes in unemployment, national income, rate of growth, gross domestic product, inflation, and price levels. Microeconomics, on the other hand, deals with individual components of the economy and their interactions with each other.
3 Pages(750 words)Essay
Macro and Micro Economics
Social, economic and political differences experienced throughout the world are attributed to the variations in structuring of crucial institutions in the world economies. Generally, the executive structure of government agencies, the judiciary and the legislature form the basis of institutional functionality.
4 Pages(1000 words)Essay
Macro & Micro Economics
The demand side of the market comprises of the owner and the renter while the supply side comprises of the developer as well as the renovator. In order to analyze the demand and the supply factors a number of modifications need to be implemented in the microeconomic assumptions.
8 Pages(2000 words)Essay
Macro & Micro economics
The micro environmental factors include product, price, place and promotions of products in contest to the market. The macro environmental factors are those factors which are not directly under the control of the firm. These factors include the political, economic, social, legal factors associated with the business in context to the market.
5 Pages(1250 words)Essay
Macro & Micro economics
Macro & Micro economics Contents Contents 2 Introduction 3 Causes and Mechanisms of the collapse of the world trade 3 Current Trade Policies in Response to the Global Recessions 7 Policy responses on negative impact on the trade balance were implemented in the UK 8 Effectiveness of the EU trade policies in the long run 9 Conclusion 11 References 12 Introduction The Great Depression was one of the most severe economic downturn that the world faced during the twentieth century in the pre-World War era.
8 Pages(2000 words)Essay
Micro economics price in a competitive market
Because of the price floor, buyers will only be willing to buy at QA, even if the suppliers are willing to sell at QB. This leads to an inefficient allocation of resources, and will later on force the government to be the last option buyer of the surplus goods, in the event that the market is unwilling to purchase the surplus.
2 Pages(500 words)Essay
Macro & Micro Environmental Analysis
According to the report decisions and strategies should fit in with the environmental conditions and some factors should be modified to suit the organisational needs. Companies operating within today’s globalised economy are affected by a wider and more turbulent globalised macro environment and therefore pose greater managerial challenges.
15 Pages(3750 words)Essay
Micro/Macro Economics
The product can be protected by a patent which the company can utilize for many year before it becomes available to the rest of the industry. Kodak and xerox dominated the market for many years in this manner. Also, a company can build brand value or brand equity
2 Pages(500 words)Essay
Let us find you another Essay on topic Micro and Macro - What Happened to Price, Quality and Choice in the UK Spectacles Market after Deregulation for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us