Watauga Petition Since no copy of the Articles of the Watauga Association has ever been found, most of what is known about it comes from other sources, primarily the Petition of the Inhabitants of the Washington District, commonly called the "Watauga Petition," in which the Wataugans requested annexation by North Carolina. According to the Petition, the Articles were fashioned after the laws of Virginia and were enacted by unanimous consent of the settlers. The primary reason given for the establishment of the Watauga Association was to prevent the Watauga and Nolichucky regions from becoming a haven for debtors and felons, and for conducting "public business" such as the recording of deeds and wills.
Considering the types of products and the relative market conditions it can be remarked that SQUARE Pharmaceutical Limited Bangladesh is operating its business in monopolistic competition.
An oligopoly is a market form in which a market or industry is dominated by a small number of sellers oligopolists. The word is derived from the Greek for few sellers. Because there are few participants in this type of market, each oligopolist is aware of the actions of the others.
The decisions of one firm influence, and are influenced by the decisions of other firms. Strategic planning by oligopolists always involves taking into account the likely responses of the other market participants.
This causes oligopolistic markets and industries to be at the highest risk for collusion. Oligopoly is a common market form. As a quantitative description of oligopoly, the four-firm concentration ratio is often utilized. This measure expresses the market share of the four largest firms in an industry as a percentage.
Oligopolistic competition can give rise to a wide range of different outcomes. In some situations, the firms may collude to raise prices and restrict production in the same way as a monopoly.
Where there is a formal agreement for such collusion, this is known as a cartel. Firms often collude in an attempt to stabilize unstable markets, so as to reduce the risks inherent in these markets for investment and product development.
There are legal restrictions on such collusion in most countries. There does not have to be a formal agreement for collusion to take place although for the act to be illegal there must be a real communication between companies — for example, in some industries, there may be an acknowledged market leader which informally sets prices to which other producers respond, known as price leadership.
In other situations, competition between sellers in an oligopoly can be fierce, with relatively low prices and high production. This could lead to an efficient outcome approaching perfect competition.
In particular, the level of deadweight loss is hard to measure.
The study of product differentiation indicates oligopolies might also create excessive levels of differentiation in order to stifle competition. In an oligopoly, firms operate under imperfect competition and a kinked demand curve which reflects inelasticity below market price and elasticity above market price, the product or service firms offer, are differentiated and barriers to entry are strong.
Following from the fierce price competitiveness created by this sticky-upward demand curve, firms utilize non-price competition in order to accrue greater revenue and market share. Below the kink, demand is relatively inelastic because all other firms will introduce a similar price cut, eventually leading to a price war.
Therefore, the best option for the oligopolist is to produce at point E which is the equilibrium point and, incidentally, the kink point. A year later the establishment of the second unit followed. In Bangladesh there are some other companies working in this sector. Following names are the most prominent: Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.
Likewise, a monopoly should be distinguished from a cartel a form of oligopolyin which several providers act together to coordinate services, prices or sale of goods. A government-granted monopoly or legal monopoly is sanctioned by the state, often to provide an incentive to invest in a risky venture.
The government may also reserve the venture for itself, thus forming a government monopoly. A monopoly is not merely the state of having control over a product; it also means that there is no real alternative to the monopolized product. Because a single firm controls the total supply in a pure monopoly, it is able to exert a significant degree of control over the price by changing the quantity supplied.
Other common assumptions in modeling monopolies include the presence of multiple buyers if a firm is the only buyer, it also has a monopsonyan identical price for all buyers, and asymmetric information The result of these conditions is that a company with a monopoly does not undergo price pressure from competitors, although it may face pricing pressure from potential competition.
If a company raises prices too high, then others may enter the market if they are able to provide the same good, or a substitute, at a lower price. Price setting for unregulated monopolies: In economics, a firm is said to have monopoly power — or at least a degree of market power —if it is not facing a horizontal demand curve see supply and demand.
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