A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, with oligopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit; the verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry.
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service. A monopoly should be distinguished from a cartel, in which several providers act together to coordinate services, prices or sale of goods. Monopolies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers, or suppliers in ways that distort the market. Monopolies can be established by a government, form or form by integration. In many jurisdictions, competition laws restrict monopolies due to government concerns over potential adverse effects. Holding a dominant position or a monopoly in a market is not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state to provide an incentive to invest in a risky venture or enrich a domestic interest group.
Patents and trademarks are sometimes used as examples of government-granted monopolies. The government may reserve the venture for itself, thus forming a government monopoly, for example with a state-owned company. Monopolies may be occurring due to limited competition because the industry is resource intensive and requires substantial costs to operate. In economics, the idea of monopoly is important in the study of management structures, which directly concerns normative aspects of economic competition, provides the basis for topics such as industrial organization and economics of regulation. There are four basic types of market structures in traditional economic analysis: perfect competition, monopolistic competition and monopoly. A monopoly is a structure in which a single supplier sells a given product or service. If there is a single seller in a certain market and there are no close substitutes for the product the market structure is that of a "pure monopoly". Sometimes, there are many sellers in an industry and/or there exist many close substitutes for the goods being produced, but companies retain some market power.
This is termed monopolistic competition. In general, the main results from this theory compares the price-fixing methods across market structures, analyze the effect of a certain structure on welfare, vary technological/demand assumptions in order to assess the consequences for an abstract model of society. Most economic textbooks follow the practice of explaining the perfect competition model because this helps to understand "departures" from it; the boundaries of what constitutes a market and what does not are relevant distinctions to make in economic analysis. In a general equilibrium context, a good is a specific concept including geographical and time-related characteristics. Most studies of market structure relax a little their definition of a good, allowing for more flexibility in the identification of substitute goods. A monopoly has these characteristics: Profit maximizer: Maximizes profits. Price maker: Decides the price of the good or product to be sold, but does so by determining the quantity in order to demand the price desired by the firm.
High barriers to entry: Other sellers are unable to enter the market of the monopoly. Single seller: In a monopoly, there is one seller of the good, who produces all the output. Therefore, the whole market is being served by a single company, for practical purposes, the company is the same as the industry. Price discrimination: A monopolist can change the price or quantity of the product, they sell higher quantities at a lower price in a elastic market, sell lower quantities at a higher price in a less elastic market. Monopolies derive their market power from barriers to entry – circumstances that prevent or impede a potential competitor's ability to compete in a market. There are three major types of barriers to entry: economic and deliberate. Economic barriers: Economic barriers include economies of scale, capital requirements, cost advantages and technological superiority. Economies of scale: Decreasing unit costs for larger volumes of production. Decreasing costs coupled with large initial costs, If for example the industry is large enough to support one company of minimum efficient scale other companies entering the industry will operate at a size, less than MES, so cannot produce at an average cost th
Robert Glenn Shaver was an American lawyer, militia leader, colonel in the Confederate States Army during the American Civil War. He served in several key battles in the Western Theater. After the war, he was an early leader of the Ku Klux Klan in Arkansas. In life, he became a significant leader in Confederate veterans' reunions and served for a time as the Major General in Command of the Arkansas State Guard. Shaver was born on April 1831 in Sullivan County, Tennessee, he came to Arkansas with his parents from Sullivan County, East Tennessee, in 1850, locating at Batesville, where in 1856 he was married to Miss Adelaide Louise Ringgold, a beautiful and accomplished daughter of Col. John Ringgold, one of the State's most prominent citizens; some three years he removed to Lawrence County, where he was licensed to practice law. Shaver was an early leader in the Arkansas State Militia, he was elected Colonel of Lawrence County's 60th Arkansas Militia Regiment on July 23, 1860. In the spring of 1861, Shaver recruited and organized the 7th Arkansas Infantry Regiment for the Confederate army and was elected its first colonel.
He and his regiment moved to Columbus and Bowling Green, on the evacuation of the latter place by General Albert Sidney Johnston in February, 1862, Colonel Shaver, as senior Colonel of the brigade in which his regiment was serving, commanded the rear guard of General Johnston's army to Nashville, Tennessee. At Shiloh, April 6 and 7, 1862, Colonel Shaver, commanded the 1st Brigade of General Thomas C. Hindman's Division, 3rd Army Corps, composed of the 2nd, 6th, 7th Arkansas Infantry Regiment and the 3rd Confederate Infantry Regiment. Colonel Shaver initiated the fight on the Confederate right early Sunday morning, the 6th, where the fighting was fierce and incessant throughout that bloody struggle; the 7th Arkansas, Colonel Shaver's own regiment, went into action on the left of the brigade, Lieutenant Colonel Deane commanding, with its drum-and-fife corps playing "Granny, Will Your Dog Bite?" Colonel Shaver had two horses killed under him during one on the following day. General Hardee, in his report of the battle, said that Colonel Shaver's conduct was most satisfactory and exemplary throughout both days' fighting.
Early in June, 1862, Colonel Shaver was transferred to the Trans-Mississippi Department.. Shaver continued to command the 38th Arkansas during the various campaigns and battles in that department and commanded the brigade to which it was assigned. During the evacuation of Little Rock, September 10, 1863, Colonel Shaver was in command of his brigade and covered the Confederate retreat out of the city southward, he was chagrined and mortified that he was not permitted to engage the enemy, he always contended that General Price should have offered battle. In the fall of 1864, General Kirby Smith consolidated the 38th and the 27th Arkansas Infantry Regiments, they were known thenceforth until the surrender in May, 1865, as Shaver's Infantry Regiment, he participated in all the principal battles fought in the Trans-Mississippi Department after June, 1862, including Prairie Grove, Jenkins' Ferry, Poison Springs, Marks Mill, all the battles incident to Gen. Dick Taylor's Red River Campaign against General Banks.
When Shaver received notice the war was over, he took his command to Shreveport and surrendered to General Francis Herron. Shaver procured a large steamboat to transport his men to Jacksonport from General Herron, he arrived at Jacksonport on June 20, 1865, his men were disbanded. Shaver's activities with the Arkansas Ku Klux Klan after the war caused serious legal problems. At one time, Shaver claimed that he was the Klan commander in Arkansas with 10,000 Klansmen in opposition to the Governor Powell Clayton's carpetbagger regime. By 1868, the Clayton administration had Shaver charged with murder, arson and robbery; when General Daniel Phillips Upham and the state militia were sent to arrest him, he fled the state to British Honduras. By 1872, Shaver returned to Arkansas upon hearing that Elisha Baxter had replaced Clayton as governor. All charges and indictments against him were dropped. Shortly after returning to Jacksonport in 1872, he was informed that Governor Baxter had appointed him to the position of sheriff for newly created Howard County in western Arkansas.
Shaver lived in Center Point until 1899. In 1899, he and his family moved to Mena to live with his son. In the 1890s, Shaver was made commander of the State Guard and the Reserve Militia of Arkansas and received the rank of Major General, he was the commander of the Arkansas Division of the United Confederate Veterans. In 1910, Shaver helped raise funds and to dedicate a monument and choose its location on the Shiloh battlefield to honor all the Arkansas soldiers who fought and died there. On September 26, 1911, Shaver gave the main address at the dedication of the memorials on the former battleground at Shiloh; when Little Rock was chosen as the site for the annual reunion of the Confederate Veterans, he was made commander-in-charge of the camp, the National Encampment of the United Confederate was known as "Camp Shaver."Shaver died at Foreman, in Little River County on January 13, 1915, was buried in his Confederate uniform at Center Point Cemetery in Howard County, Arkansas. Arkansas in th
Sompting Abbotts Preparatory School is a historic West Sussex independent school in Sompting, near Worthing and Steyning. It educates children of both sexes aged 2 to 13; the school sits in parkland of 30 acres, which includes a pond. The school was founded in 1921 and is a member of the Independent Association of Preparatory Schools and it is a non-selective day school; the headmaster is Stuart Douch and the principal is Patricia Sinclair. The school has strong links with the Church of St Mary the Blessed Virgin and holds its annual Harvest Festival and Christmas carol services there; the main school is housed in Sompting Abbotts House, called Sompting Manor. Sompting Abbotts and the estate around it is believed to have been inhabited since the Neolithic period; the line of the original Chichester–Brighton Roman road runs through the school parkland. Following the dissolution of the monasteries by Henry VIII, Sompting Manor was granted in 1540 to Thomas Howard, Duke of Norfolk. In 1814, Princess Caroline, wife of the Prince of Wales, stayed at the manor on one of her royal visits to Worthing.
It followed a stay in the town during her troubled marriage. The next day, she sailed to France from Lancing; the manor, along with its 1,500-acre estate passed to Reverend P. G. Croft in 1830. At this time, the manor contained a house with a five-bay symmetrical south front. Sompting Abbotts House was built in 1856 for Henry, it was designed by the architect Philip Charles Hardwick in Neo-Gothic style for the owner Henry Croft to replace Sompting Manor. Hardwick's design was completed in 1856; the 1875 Ordnance Survey map shows the ground to the east and south with sweeping lawns and groups of trees which remain today. Sompting Abbotts House features high slate roofs, lancet casement windows, stone mullions, octagonal towers, spiral staircases and a castellated parapet; the house is a Grade II listed building. The school was founded following World War I by the Rutherford family in 1921. Mr. A. C. Rutherford opened Sompting Abbotts House as a boys' boarding school in 1921, which lasted until the outbreak of World War II in 1939, when it was temporary closed.
The school was evacuated to Cabalva Hall and the Army took control of the house and grounds. The Sinclair family acquired the premises in 1946, following the war, reopened it as a boy's boarding school, though it had become dilapidated in the interim; the headmaster, Nigel Sinclair wrote "It was a depressing sight. All the playing fields and lawns were an unrecognisable overgrown jungle of grass and bushes," adding that most windows had been broken." In 2018, a wartime letter to a past pupil, dated 1939, was discovered under the floorboards of a dormitory. The school traced its original owner to Australia. Over the years, the school has evolved, it became co-educational in 1998 and closed its boarding facilities in 2008. In total, it has had six headmasters: John Hammond, George Rutherford, Nigel Sinclair, Richard Johnson and Timothy Sinclair; the current head is Stuart Douch. The school offers a curriculum that includes coding and computing, art, PE, music and drama, it prepares children for the Common Entrance Examination and other scholarship examinations to public senior schools.
As of 2017 it cites a 100% success rate in the CEE since 2008 and 95% success rate for all pupils entered for a scholarship since 2008. The school is not a designated feeder school to any specific senior school. Destination senior schools to which pupils have gained scholarships and awards since 2007 include Lancing College, Brighton College, Hurstpierpoint College, Seaford College, Worth, Dulwich College, Burgess Hill Girls and Towers Convent School; the author Alex Preston described Sompting Abbotts as "all of my Jennings and Malory Towers fantasies rolled into one Gothic dream of a building." Other alumni include lead singers Samuel Preston and Ned Mortimer, property developer Nicholas Sutton and headmaster Chris Saunders, Simon Walsh, consultant in emergency medicine at The Royal London Hospital. Nicholas Linfield, awarded an OBE for services to defence in the 2017 New Year Honours, said: "There are legions of us out there who owe this school an enormous debt of gratitude." School website