Download Business Economics by Roger Perman, John Scouller PDF

By Roger Perman, John Scouller

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Sample text

It will be helpful to an understanding of monopolistic competition to have an example in mind. Restaurants in London, Paris, or any large town or city exemplify monopolistic competition. There is a large number of restaurants in Paris, and entry into the market seems to be easy and regular. Restaurant mealsor more accurately the package of services that a restaurant suppliesare certainly differentiated products. Restaurants are close substitutes but not perfect substitutes. Our analysis suggests that in the long run firms in this industry should be able to make only normal profits, and this does seem to be borne out by the available evidence.

However, the required conditions may not hold exactly even in this case. Recent events suggest that some individual speculators can and do trade in sufficient quantities to affect market prices. For example, according to press reports, the Hungarian-born currency speculator George Soros controls $18 billion of funds and his transactions have been credited with helping to force the devaluation of the pound sterling in 1992. At the time of writing, the super-wealthy Sultan of Brunei is reported to be intervening in exchange markets in an attempt to stabilize the currencies of a number of South East Asian 'Tiger' economies.

However, the required conditions may not hold exactly even in this case. Recent events suggest that some individual speculators can and do trade in sufficient quantities to affect market prices. For example, according to press reports, the Hungarian-born currency speculator George Soros controls $18 billion of funds and his transactions have been credited with helping to force the devaluation of the pound sterling in 1992. At the time of writing, the super-wealthy Sultan of Brunei is reported to be intervening in exchange markets in an attempt to stabilize the currencies of a number of South East Asian 'Tiger' economies.

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