StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

The Grapes of Wrath/Market structures - Research Paper Example

Cite this document
Summary
This paper will seek to discuss and describe five examples of market structures as explained by John Steinbeck’s novel, The Grapes of Wrath. These examples include oligopoly, monopolistic competition,…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.3% of users find it useful
The Grapes of Wrath/Market structures
Read Text Preview

Extract of sample "The Grapes of Wrath/Market structures"

Download file to see previous pages

As a result of this, there is no single entity with the ability to influence the product’s price significantly enough to cause a fluctuation. In this market, sellers are “price takers” because they are unable to set prices for their products due to the fact that there are very many producers participating in the market. Consequently, consumers also have minimal influence over the prices of products since there lacks a single group of consumers with the ability to dominate the demand of the products.

In a purely competitive market, the conditions for entering the market by suppliers or sellers are very easy and neither are there any obstacles that limit entry into the market. Consumers will also continue buying products at the same rate even in the event that suppliers leave or enter the market. In the book “The Grapes of Wrath” by John Steinbeck, Tom Joad’s interlocutor in the federal host camp describes the basis of perfect competition extremely well. He indicates that if there was a job on offer and one hundred men applied for that job, even if the job paid just a nickel, the men would kill each other for that job in order for them to feed their kids.

However, if only one man applied for the job, you as the employer would be forced to pay him what he asks for. Therefore, prices are kept at an equilibrium level by these forces of demand and supply. The dilemma of seasonal jobs is also well illustrated in Steinbeck’s book. The young interlocutor explains how he once worked in a peach orchard which needed 3,000 men for two weeks when the peaches were ripe. This was the labor force needed for this period so as to prevent the peaches from rotting.

However, there was a period which they had 6,000 men hence the orchard paid whatever they wanted. It was a situation of take it or leave it since the labor supply was more than the demand. Since no single firm can dictate the price in the market, then the price determined in the market

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Grapes of Wrath/Market structures Research Paper”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1619450-the-grapes-of-wrathmarket-structures
(The Grapes of Wrath/Market Structures Research Paper)
https://studentshare.org/macro-microeconomics/1619450-the-grapes-of-wrathmarket-structures.
“The Grapes of Wrath/Market Structures Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1619450-the-grapes-of-wrathmarket-structures.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Grapes of Wrath/Market structures

The Great Depression

The great depression had begun in United States of America with disastrous collapse of stock market prices on the New York Stock Exchange in 1929 and had continued to fall down for three years.... Causes and Effects Great economic depression resulted due to the collapse of the stock market, in the year 1930.... As a result, the level of living standard and life style also reduced to a significant extent, resulting in augmentation of the level of redundancy and scarcity in the market (Romer, 2003)....
5 Pages (1250 words) Research Paper

Soil Mechanics and Historic Techniques

They also realized that building structures built at one place couldn't be copied as they were to another place.... This led to the invention of strengthening the soil first and then building their structures afterward.... This essay "Soil Mechanics" talks about soil and its three components: solid particles, air, and water....
8 Pages (2000 words) Essay

Materials Used in Body Panels

This paper ''Materials Used in Body Panels'' tells that Over time, automobile manufacturers have used various materials in the manufacturing of body panels.... Steel, aluminum, plastic, fiberglass, and composites have all been used.... The reasons for the different materials vary from durability to cost....
8 Pages (2000 words) Essay

A Meaningful Design or Pattern

The Marketplace Visit was my initiation to enlightenment in understanding the aesthetic approach to one's surroundings, particularly the restaurant I visited, in lieu of the market place.... The paper 'A Meaningful Design or Pattern' presents the essence of beauty which has astounded and intrigued various aspects of human lives for centuries....
8 Pages (2000 words) Case Study

Project Management: The Grove Student Retreat Centre

This assignment describes the overview and Project description of The Grove – Student Retreat Centre, that the researcher analyzes.... The researcher's role is a project manager position and he focuses on developing of the building, designing the interior and organizing staff members.... … The researcher analyzes his duties as Project Manager and leader of the project team as to make an appeal to everyone for support, understanding and full cooperation towards our new colleagues, provide them with support and intervention, whenever needed and I initiate full-day training sessions on leadership and communication skills....
12 Pages (3000 words) Assignment

The Success of Uber in Five Years and the Fall of Aero

The lack of leadership insight at AERO for changes in consumer needs, lack of innovation to meet consumer preferences and needs, and the inability of management and the leadership to anticipate changes in market conditions led to its fall.... Leadership in a company play a critical role in ensuring a company overcomes market challenges and provide a clear goal for the employees and lack of these leadership qualities at AERO resulted in its fall....
1 Pages (250 words) Essay

How Should We Do Conceptual Analysis of Visual Images

The paper "How Should We Do Conceptual Analysis of Visual Images" states that Sowa (1984) defines a diagram as a 2D (2 dimensional) information representation of geometric symbols in accordance to certain conception practice.... At times, the practice utilizes 3D - 3-dimensional conception.... hellip; Pasquinel was a coureur des bois (runner of the woods) and a solitary trader with Indians in his spacious canoe....
8 Pages (2000 words) Assignment

The Application of an Engineering Design Methodology

("Small cars take a bigger share of the market", 2007)The United Kingdom government instigated a tax in regards to CO2 in which automobiles that give out enormous quantities of CO2 will be taxed.... From the paper "The Application of an Engineering Design Methodology" it is clear that the re-forming braking was exceptional; drivers would use the redesigned braking to halt the vehicle without the necessity to use the vehicle system of hydraulic braking....
5 Pages (1250 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us