Economics Paper Essay Example | Topics and Well Written Essays - 750 words

Economics Paper - Essay Example The product or service a firm offers is usually the only one present in the market, therefore, the distinction between a firm and an industry becomes blurred. The firm becomes synonymous to its product/service and to the industry. Monopolistic market deviates from a perfect competition market. A perfect competition market is characterized by infinite number of competing firms, many product/service offerings, and perfectly elastic demand, to name a few. Monopolistic market, on the other hand, has a single firm, limited number of product/service, and a relatively inelastic demand. The differences between the two are greatly felt from the point of view of the consumer in a monopolistic market who has a limited choice of product/service, supply, and unregulated price. Since the product/service offered by a firm in a monopolistic market is usually the only available choice, product/service substitutes are usually absent. It is difficult to find a product/service that closely resembles the one offered by a firm in a monopolistic market. Consumers are left with a choice of either buying the product the firm offers, buy a poor substitute (if a competition is present), or not buy at all (which is unlikely since the product/service offered in a monopolistic market is usually a basic need or commodity). A firm in a monopolistic market determines the price since it is the only supplier present. As opposed to a perfect competition environment where buyers/consumers dictate the price, a firm in a monopolistic market has the solitary control of price (i.e. price maker). Where there are more players in the market, more choices are offered to consumers; hence, the power to control the price is left at the hands of consumers. In a monopolistic market, the power lies in the hands of a single firm. Monopolistic competitive market is occupied by many competing firms while

Spain culture and traditions Research Paper Example | Topics and Well Written Essays - 250 words

Spain culture and traditions - Research Paper Example The bull is usually killed at the end of the occasion. This activity usually takes place between the months of April and October, and the Spaniards usually prepare for this event with excitement. There have been several occasions when this tradition has been banned by governments, but progressive ones allow its reinstitution. This is an indicator that the practice is ingrained in the Spanish culture and it is not easy to get rid of it (Whittaker 2008 p 67). Traditional songs and dance are also core components of Spanish culture. They vary from region to region, and the music is mainly focused on conveying particular messages to the listeners. For example in the 20th century, Spanish traditional music was largely used to spread propaganda regarding the totalitarian rule. These include Jota, Fandango, and Sardana amongst others (Moffitt 1999 p 43). The Spanish folk dance was a significant indicator of unity and identity. Annual festivals are held every year, providing an avenue for the Spaniards to demonstrate their culture. In such occasions, they demonstrate their cultural music and dances, fireworks, paintings amongst other traditional activities. The culture and traditions of the Spaniards is an important factor that gives them a sense of identity of the nation (Nash 2001 p 56). It generates personality and uniqueness amongst the Spain nationals. It also helps in building strong social institutions through establishing the nationâ₠¬â„¢s behavioral