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Global Marketing Issues The Power Of Monopolists - Assignment Example

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This paper "Global Marketing Issues – The Power Of Monopolists" focuses on the fact that in a market economy, prices give signals, provide incentives, ration and convey information. The paper dwells on how well prices carry out these functions with specific reference to the provision of goods. …
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Global Marketing Issues The Power Of Monopolists
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Download file to see previous pages Prices also provide incentives and convey information in a market economy. Take for instance the Sorghum beer in the 1990s. The price of the Sorghum beer in relation to consumers’ perception of the product leads consumers to buy beers that are imported. The price created a negative perception of the beer as a drink only for poor people.

A monopolist will not produce where the demand for a product is elastic—that is when the sensitivity of the quantity of the product demanded is high in relation to its price. The main characteristic of a monopoly is that it has the power to influence price being the sole producer in an industry; therefore the higher the level to where it raises its price, the more drastic will be the decrease on the quantity demanded of its product. This decrease can lead to losses, which defeats the very purpose of its control on prices to gain more profits.

In a perfectly competitive market, no single player has the power to influence the price level; because the are many players in the market, the demand for the goods of a single firm seems to look very elastic, as when it tries to influence the price the consumers can buy from other firms offering the same goods. Given this situation, any single firm that is part of the industry will sell its output only when the additional (or marginal) cost that it will incur in the sales transaction is equal to the price of the goods sold in order to maximize its profit. Until the firm’s number of outputs reaches the point where its marginal cost is equal to the average cost for all outputs, the firm will earn a profit. When the marginal cost becomes greater than the average cost that is when the firm starts to lose money.

On the contrary, in a monopoly market structure, a single firm produces all the outputs in the industry. Because consumers have but only one choice of provider for the product they need, a monopolist has the power to influence the price level.  ...Download file to see next pagesRead More
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