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Thursday, August 27, 2020
Ten Hidden Truths in The Jungle by Upton Sinclair Essay
Ten Hidden Truths in The Jungle by Upton Sinclair - Essay Example This exploration will start with the explanation that ââ¬Å"The Jungleâ⬠is a significant knowledge into American history, all the more critically, it reveals the shrouded certainties of workersââ¬â¢ life in Chicago toward the start of the twentieth century. Generally, these realities stay covered up until late in a workerââ¬â¢s life and just presented to him a tiny bit at a time. The unpleasant real factors hurt the peruser yet Sinclair needed to state them as they existed. Indeed, even today, the comprehension of these certainties is similarly significant on the grounds that the abuse takes structures to suit contemporary conditions. Following are ten essential facts recognized from the perusing of ââ¬Å"The Jungleâ⬠by Upton Sinclair: Hidden Truth 1:â â The truth of awesome dreams. Jurgis, the legend of the novel had resulted in these present circumstances place where there is openings â⬠Chicago with such huge numbers of brilliant dreams, yet real factors occurred to him when he had to keep in this land from significant expenses. He, as different vagrants, had never thought of this expensive life. The purported high wages were very deficient to go through a costly time on earth in Chicago. The businesses knew precisely, the strategies they needed to utilize to draw in and confine the vagrants. ââ¬Å"A not many long stretches of handy involvement with this place that is known for high wages have been adequate to clarify to them the pitiless certainty that it was likewise a place that is known for significant expenses, and that in it poor people man was nearly as poor as in some other corner of the worldâ⬠. Concealed Truth 2: Cost of living a bad dream. Living in Chicago was no not exactly a bad dream for vagrants. Jurgis and his family discovered it amazingly hard to pay the nine dollar lease while procuring just minimal multiple dollars for aâ twelve-hour job.â Buying a home required fifteen hundred dollars with 300 dollars up front installment. The transients had just two options, either to pay lease perpetually or to pay the both; initial installment and lease to claim a house some place later on. The intrigue put together economy had stunning end results with respect to the life of lower and white collar class specialist families. In any case, the reality was purposely darkened until the casualty had been completely caught. ââ¬Å"You resemble all the rest, she said; they stunt you and destroy you. They never sell the house without intrigue. Get your deeds, and see.â⬠Hidden Truth 3: Superficial way of life lead to debacles. The principal section of ââ¬Å"The Jungleâ⬠is for the most part by virtue of the wedding service of Jurgis and Ona. The couple masterminded this function, which was past their assets, and it was the main block laid wrong and the costs brought about by the couple prompted future debacles in their conjugal life.â ââ¬Å"Most dreadful they are to mull over, the costs of this amusement. They will unquestionably be more than 200 dollars and possibly 300, and 300 dollar is more than the yearââ¬â¢s pay of numerous an individual in this room.â⬠Most of the visitor ââ¬Å"sneaked offâ⬠either without contributing anything to the diversion or truth be told, small sum. They recognized what precisely the diversion is going to cost them in the up and coming life, ââ¬Å"do not worryââ¬it won't make any difference to us. We will pay them all by one way or another. I will work harder.â⬠. Thus, the shallow beginning of their conjugal life was awful and presented difficulties and difficulties for future life. Concealed Truth 4: The bias. Another untold story is the wretchedness of living in mortification. You lose all your certainty, and your youngsters are conceived slaves. In any event, conversing with a property specialist needed to accompany such a significant number of alerts and concerns. All the lives they live separated and detache d like outsiders with holes they can never fill. ââ¬Å"To press the issue would have appeared to be questioning his words, and at no point ever had anybody of them at any point addressed an individual of the class called ââ¬Å"gentlemanâ⬠aside from with regard and modesty.
Saturday, August 22, 2020
International Accounting Standards Essay
â⬠¢In your assessment, how might the AICPA selection of International Accounting Standards conceivably influence how American organizations esteem stock? Clarify. â⬠¢Why does the government consider quickened deterioration of fixed resources in any event, when the valuable life and utility of the benefits unmistakably adjust more to straight-line devaluation? Clarify. â⬠¢In your assessment, for what reason are a few bonds sold at a rebate and others at a higher cost than expected? How does this influence the representing the bonds? At the point when the terms premium and markdown are utilized regarding bonds, they are telling financial specialists that the price tag of the bond is either above or underneath its standard worth. For instance, if a bond with a standard estimation of $1,000 is selling at an exceptional when it tends to be purchased for more than $1,000 and is selling at a markdown when it tends to be purchased for under $1,000. Securities can be sold for more and not exactly their standard qualities due to changing financing costs. Like most fixed-salary protections, securities are profoundly related to loan costs. At the point when financing costs go up, a bondââ¬â¢s showcase cost will fall and the other way around. To more readily clarify this, letââ¬â¢s take a gander at a model. Envision that the market loan cost is 3% today and you just bought a security paying a 5% coupon with an assumed worth of $1,000. On the off chance that loan fees go somewhere near 1% from the hour of your buy, you will have the option to sell the bond for a benefit (or a premium ). This is on the grounds that the security is currently paying more than the market rate (in light of the fact that the coupon is 5%). The spread used to be 2% (5%-3%), yet itââ¬â¢s now expanded to 3% (5%-2%). This is a disentangled perspective on bondââ¬â¢s cost, the same number of different components are included; be that as it may, it shows the general connection among securities and financing costs. â⬠¢What associations are answerable for administering monetary revealing? What is the job of every association? How have the jobs changed over the most recent 20 years? By what method may their jobs change in the following 20 years?
Friday, August 21, 2020
Blog Archive Beyond the MBA Classroom A Different Cold Call at Darden
Blog Archive Beyond the MBA Classroom A Different Cold Call at Darden When you select an MBA program, you are not just choosing your learning environment, but are also committing to becoming part of a community. Each Thursday, we offer a window into life âbeyond the MBA classroomâ at a top business school. A weekly event at the University of Virginias Darden School of Business, Cold Call takes place most Thursday evenings in the PepsiCo Forum. Offering beer and a light dinner, Cold Calls are an opportunity for students and professors to get together outside of class or study sessions. Occasionally, student clubs will sponsor these Cold Calls. A second-year student told mbaMission that many students bring their partners to Cold Call. Darden alumni sometimes even host Cold Call get-togethers, akin to happy hours, in their home cities or countries. For in-depth descriptions of social and community activities at Darden and 15 other top MBA programs, check out the mbaMission Insiderâs Guides. Share ThisTweet Beyond the MBA Classroom University of Virginia (Darden)
Monday, May 25, 2020
Overcrowded Prisons and the War on Drugs - 1178 Words
The War on Drugs One must wonder if the war on drugs helps or hinders our American Criminal Justice System when you look at the overwhelming impact it has had on crowding issues within our prisons. At the present time there are over 1.5 million people in prison, 59.6 % for drug offenses alone. The war on drugs started over 100 years ago in San Francisco, California when the first law against drugs was enacted to stop the smoking of opium. In all actuality, this law was against the Chinese people living in the U.S., because they were known for smoking of the opium as a custom. The government feared that opium induced Chinese men would try to lure white women to them. The next drug that was considered illegal was cocaine.â⬠¦show more contentâ⬠¦In fact, while the sale of Nicotine requires your age to be 18 and above, there is no age on acquiring or purchasing Caffeine. Statistics also show that while Nicotine kills over 390,000 individuals a year, Marijuana kills 0. (Scha ffer, n.d.) Proposal 2 Strike down the 3 Strike Rule: The 3 strike rule is a great rule when it comes to violent offenders that just do not learn the first or second time around, but to use this rule for petty thefts and drug offenses is not only overcrowding our prisons, but not teaching the offenders anything. Not only is the 3 Strikes Rule ineffective, it becomes even more so when you consider that most of the drug offenses in this country are for recreational drugs such as marijuana. According to a drug fact sheet from the National Center on Addiction and Substance Abuse at Columbia University, there have been 10 million people arrested since 1965 for the use of marijuana. The fact sheet goes on to state that 80% of all prisoners in America are doing time for drug related offenses. By doingShow MoreRelatedPrison Overcrowding in California905 Words à |à 4 PagesPrison Overcrowding in California Jeffrey Shaw CJA/564 Josette Ford May 6, 2013 The California prisons have been crowded for decades. This cannot continue to go on. One of the reasons that the prisons are overcrowded is because of the types and lengths of sentences. Other reasons why the prisons are overcrowded is because many of the prisoners are there on non-violent crimes. Also many of the sentences are for smaller crimes. The one recent event that is dealing with this problem is releaseRead MoreThe Effects of Overcrowded Conditions in US Prisons1564 Words à |à 6 PagesDue to budget crises in states across the United States of America, state governments must cut funding to their punishment facilities causing overcrowding in prisons to increase every day. Overcrowded prisons pose a potential breeding ground for crime as hundreds of inmates are squeezed into small accommodations. Thousands of low-level offenders receive jail sentences each day, these criminals make up about a third of the inmates in the United States. In the words of Republican Governor M itch DanielsRead MoreEffects Of Overcrowded Prisons1218 Words à |à 5 Pagesin the overgrown prisons throughout the country. Over 2.4 million people call a state prison, federal prison, or local jail their home ( Prison Overcrowding). Not only are citizens frightened about the over populated prisons, but also the prisoners who have to live there for a period of time. Overcrowded prisons produce an amount of stress and physical problems to the prisoner ( When Prison). Overcrowding restricts access to dining halls, laundry rooms, and bathrooms (When Prison). Also some inmatesRead MorePrison Overcrowding And Its Effects On The United States Essay1605 Words à |à 7 PagesPer Derek Gilnaââ¬â¢s report on Increase in Federal Prison Population, Overcrowding, prisons have become overpopulated throughout a five-year span from 2006 to 2011 (Gilna, page 48). Prison overcrowding has become a plague in the United States for some time now. The US Bureau of Justice Statistics shows more than two-million adults are incarcerated in US federal and state prisons. There are many reasons that prisons are becoming overpopul ated but not such a certain cause. To fix the problem, attentionRead MoreEssay about Crime in Latin America1197 Words à |à 5 PagesPrisons for a long time have been a gateway to try to save society, when the only thing that itââ¬â¢s doing is hurting the social order because itââ¬â¢s creating more problems that are not being treated from the beginning. Crime has become a big problem during these hard times with the poor economy, but it has especially affected Latin America because of all the problems that overcrowded prisons have brought forward. In Latin America Brazil and Mexico are the two largest countries that have been affectedRead MorePros And Cons Of War On Drugs889 Words à |à 4 PagesWar on Drugs Introduction In 1971, President Nixon created the Comprehensive Drug Abuse Prevention and Control Act of 1970 commonly known as the War on Drugs. The war on drugs was implemented to combat production, distribution, and consumption of illegal drugs (Olaya Angel, 2017). In 2007, law enforcement officers made approximately two million drug arrests in the United States (Potter, 2014). Supporters state that the war on drugs was successful because it lowered some drug users in the UnitedRead MoreOvercrowding And Its Effects On The United States Prison System1178 Words à |à 5 Pages Overcrowding prisons are an issue that has been influencing the United States prison population for decades, however what is the true significance of overcrowding. As indicated by Jeff Bleich (1989) ââ¬Å"the term overcrowding is repetitive, since crowding already refers to a higher level of social density than is desiredâ⬠. An overcrowded prison is a shocking condition that causes outrage and dissatisfaction among detainees (Haney, 2014). This condition is so undesirable that one can consider it as unconstitutionalRead MorePrison Overcrowding Crisis1317 Words à |à 6 Pagesdetained or before a trial. A prison is built to house individuals for a long period of time. A jail is also known as a detention facility. A prison is known as a correctional facility or penitentiaries. Regardless of their name, the functions stay the same: to incarcerate and condemn criminals. America the land of the free has the highest incarceration rate. Furthermore, prisons are overcrowded due to th e ââ¬Å"war on drugsâ⬠and the ââ¬Å"three-strikeâ⬠law. Individuals are sent to prison for nonviolent crimes.Read MoreEssay about Negative Consequences of Mandatory Sentencing747 Words à |à 3 Pagesunfortunate consequences. Some of these consequences are overcrowding in prisons and less prison based rehabilitation. Mandatory sentencing laws do not narrowly target major drug traffickers. Today there are 100 separate federal mandatory minimums located in 60 different criminal statues. An example of mandatory sentencing is New Yorks Rockefeller laws which order terms extending from 15 years to life for nonviolent drug offenses. Five years ago in California the three strikes law was passedRead MoreThe War on Drugs1580 Words à |à 7 PagesThe war on drugs began in the United States in 1971 when President Richard Nixon declared war. President Nixon increased the number of federal drug control agencies, increased mandatory sentences for drug offenders, and utilized no-knock warrants in attempt to get the problem under control. It has been over forty years since President Nixon declared a war on drugs. Did America win the war on drugs? Is it time to legalize illicit drugs in this country? What are other countries doing in reference
Thursday, May 14, 2020
Essay about Outliers Summaries - 622 Words
1. ââ¬Å"Introduction: The Roseto Mysteryâ⬠The introduction of Outliers begins with an inspection of Italian American immigrants near the end of the 19th century, the founders of a small town in Pennsylvania, called Roseto. In a study conducted by physician Stewart Wolf, et al. researchers set out to decide how the people of Roseto were able to live longer, healthier lives than that of the people in the towns of the same region, as well as the rest of the nation. The secret of the success for the people of Roseto could be found in a nearly unanimous social integration, which focused on respect for elders, a common set of religious beliefs, and an egalitarian way of thinking. Wolfââ¬â¢s findings introduced the medical community to a new way ofâ⬠¦show more contentâ⬠¦This selection convention is typical throughout the world and is how the best of the best eventually make their way into professional sports such as hockey, soccer, and the Olympics. The idea that a personââ¬â¢s individual merit is the sole reason behi nd his or her success is challenged. An interesting connection is realized in the birth month of star hockey players; it is discovered that more hockey players have birth months in January, February, and March than in any other month of the year. The reason is found in the January 1st cutoff date for acceptance into age classed hockey leagues. The advantage of being 9-11 months older than other players yields advantages that build upon themselves as playersââ¬â¢ skills progress. Similar correlations were found in other types of sports and in academics. Hard work, consistency, and motivation were undoubtedly involved in the successes of those analyzed, however, attention is drawn to a very important notion; in order to find out what makes a person successful, you also need to know where they come from. 2.2 ââ¬Å"The 10,000 Hour Ruleâ⬠Building upon the previous chapter, we begin to understand how all the right ingredients for achievement and success can be present, and yet they may never happen without a stroke of luck. Becoming an expert at some skill is earned by putting in hard work across several hours, approximately 10,000 hours. Being born in the right year, or timeShow MoreRelatedSummary Of Malcolm Gladwells Outliers714 Words à |à 3 PagesIn the number one national bestseller, Outliers, Malcolm Gladwell presents what he considers to be ââ¬Å"the formula to success.â⬠In contrast to his theories of success, Ms. Michiko Kakutani calls his book clumsy and weak and claims it doesnââ¬â¢t present an idea of success that appeals to everyone. I agree with Michiko Kakutani; her statements seemed very accurate, strong, and detailed. Malcolm Gladwellââ¬â¢s book was chock-full of generalizations that were made based on one particular group or person. She pointsRead MoreSummary Of Outliers By Malcolm Gl adwell Essay1559 Words à |à 7 Pagesa player is 3x more likely to make the Hall of Fame than a manager is. It comes as no surprise that more experience with a task, the easier that task comes to the individual. Malcolm Gladwell writes about the 10,000 hours rule in his famous book ââ¬Å"Outliersâ⬠. To summarize this means that an individual cannot become an expert on something until he or she has practiced for 10,000 hours. In the past two MLB off seasons there have been 11 manager changes. Six of these changes have given birth to six first-timeRead MoreEssay on Outliers by Malcolm Gladwell1853 Words à |à 8 PagesExecutive Summary The novel Outliers, aims to investigate the very thing we want for our family, our students, and ourselves. For most of our lives we have believed that with hard work, anyone can achieve success. That had to be the reason that poor immigrants like Andrew Carnegie and college dropouts like Bill Gates achieved unimaginable wealth. Most of us were taught that working harder than anyone else would lead to ultimate success. While the author, Malcolm Gladwell, does not disputeRead MoreAlex Reine . Ms.Stroud. English Iii. 3/5/17. Book Summary.In1278 Words à |à 6 PagesAlex Reine Ms.Stroud English III 3/5/17 Book Summary In Outliers, Gladwell attempts to answer, What makes some people successful while others cannot seem to realize their full potential? In U.S. society, people are considered successful when they have traits and characteristics: self-sacrifice, intelligence, talent. However, He says that the conditions and circumstances surrounding our lives are the significant influential factors that determine our success, not our inner ability or talentRead MoreStatistic Study Notes Wgu (Selected Chapters) Essay1956 Words à |à 8 Pagesexplanation, and prediction and control research studies use two different categories of statistics to analyze the data collected: descriptive and inferential. Descriptive statistics are simply numerical or graphical summaries of data, and may include charts, graphs, and simple summary statistics such as means and standard deviations to describe characteristics of a population sample. Inferential statistics are statistical techniques (e.g., chi-square test, the t test, the one-way ANOVA) that allowRead MoreSample Statistic Assignment2945 Words à |à 12 Pages(Graphing Categorical Data); page 30 9 Part 4: Center and Spread for Quantitative Data Measuring Center There are two ways we can measure the center of a distribution: mean and median. Mean: When our data is fairly symmetric with no big outliers, mean is the best measure of center. To find the mean of a set of observations, add each value and divide by the number of observations. This formula is written as: 1 x = âËâ xi n where x (pronounced xââ¬âbar) denotes sample mean and xi is each observationRead MoreMovie Analysis : Motion Picture Industry1427 Words à |à 6 PagesDescriptive statistics can allow a reader a summary of data that is easy to understand with both visual and textual references. In fact, Anderson, Sweeney, Williams, Camm, and Cochrane (2012) stated that ââ¬Å"information in newspapers, magazines, or company reports, consists of data that are summarized and presented in a form that is easy for the reader to understand. These data, which may be graphical, or numerical, are referred to as descriptive statisticsâ⬠(p. 14). Summary of movie revenue sample The meanRead MoreCase Study 1: Motion Picture Industry1477 Words à |à 6 PagesMANAGERIAL REPORT Case Study: Motion Picture Industry Assignment 1 Prepared By: Table of Contents Introduction 3 Executive Summary 3 Data and General Analysis 4 CONCLUSIONS 12 Integrity Statement 13 Works Cited 13 Executive Summary In this report we will show, via descriptive statistics, how independent variables appear to contribute to the success of motion pictures. à Using data collected from a sample of 100 motion pictures produced in 2005, we utilize the followingRead MoreThe State Of Missouri County1175 Words à |à 5 PagesEstimate Population Ball 4 Response Variable (Y), Prison Population For each quantitative variable I provided the thirty data sets, mean, standard deviation, variance and the 5-number summary. There was also an outlier test ran on each variable to show the presence of high end outliers, shown highlighted in pink on the table. Ball 5 Results of Statistical Analysis: In the above graph, it clearly shows the regression and trend line in a positive or upward slant, that visuallyRead MoreMotion Picture Industry Essay1740 Words à |à 7 Pagespoints below), including an explanation of the descriptive statistics in relation to the motion picture industry. Further, a z-score will be used on each of the four data sets to determine if there are any outstanding high-performer outliers and show any other outliers that exist. Finally, a correlation coefficient will show the relationship between the total gross sales of the movies to each of the other three variables. Data Points For the data results the following criteria will be found:
Wednesday, May 6, 2020
The Essay The Trash Lottery - 1759 Words
THE STONED LOTTERY WINNER We all have, at one time or another, day dreamed about what we would do if we won the lottery. Some of those dreams could include traveling to exotic places, buy a new home, and help family and friends, just to name a few of the dreams. Very few people will ever get the chance to make those dreams come true, however many people still have a tradition of playing and many have certain rituals when playing the lottery, such as: playing the same numbers, buying their tickets from only a certain store, or buying tickets only on certain days. Although, I donââ¬â¢t have a tradition of playing the lottery, I will every now and then buy a ticket. The ritual of this irregular tradition is when the jackpot is so high mostâ⬠¦show more contentâ⬠¦Your ritual has been disrupted and something seems off all day. Rituals bring structure and consistency into our lives. Without this structure or consistency, a person will not recognize what are the important things in life, the important thi ngs about a routine or tradition. The villagers in Jacksonââ¬â¢s The Lottery may have found some of the rituals of the tradition irrelevant and either absolutely rejected them or let them lapse completely. The villagers have continued an annual tradition without keeping, knowing or caring about the rituals. This is shown in two passages in the story, the first being, ââ¬Å"Although the villagers had forgotten the ritual and lost the original black boxâ⬠¦Ã¢â¬ (Jackson). The essential fact that the original black box was lost shows that this tradition of the lottery is not as important to them as it was to past generations. The second passage clearly shows that the villagers have slowly over generations grown less devoted to the tradition. ââ¬Å"â⬠¦some people remembered, there had been a recital of some sort, performed by the official of the lottery, a perfunctory, tuneless chant that had been rattled off duly each year; some people believed that the official of the lottery used to stand just so when he said or sang it, others believed that he was supposed to walk among the people, but years and years ago this part of the ritual had been allowed to lapse. There hadShow MoreRelatedThe, Death And Blind Sheep3005 Words à |à 13 Pagesdepravity means we are doomed at birth having been born into sin. This appears to be extremely harsh and hopeless, however, is that the case or does depravity only talk about how serious the fall was and how it affects the entire person. The goal of the essay is to explore, and if possible expose, the doctrine of total depravity by looking , the history behind depravity, the supporting and non-supporting views and then summarize with my theological reflection. Topic Choice So why chose this topic? AndRead MoreTheories of Development6168 Words à |à 25 Pageswhich of the following would apply to the mother? A) Negative punishment B) Positive punishment C) Negative reinforcement D) Positive reinforcement Answer: C Page Ref: 30 27) Miguel is expected to clean his room and to empty all trash in the house. When Miguel forgets his chores, he is grounded. Which of the following has been appropriately applied if Miguel remembers to do his chores? A) Punishment B) Negative reinforcement C) Positive reinforcement D) Extinction Answer:Read MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words à |à 1573 Pagesexchange their diverse backgrounds and skills.â⬠Among the countries where IBM has sent its multicultural teams are Turkey, Tanzania, Vietnam, Ghana, and the Philippines. As for Chakra, he was thrilled to be selected for the team. ââ¬Å"I felt like I won the lottery,â⬠he said. He advised GreenForest on how to become a paperless company in 3 years and recommended computer systems to boost productivity and increase exports to western Europe. Another team member, Bronwyn Grantham, an Australian who works at IBMRead MoreDeveloping Management Skills404131 Words à |à 1617 Pagessolvers and decision makers who prefer to deal with technical tasks and straightforward, prescribed problems rather than social or interpersonal issues. They excel at problems that have one correct answer. Multiple-choice exams are preferred over ess ay exams. Research has suggested that these individuals are inclined toward careers in technology, engineering, and law. In college, students with a knowing style tend to major in the physical sciences, engineering, law, and computers. In business, they
Tuesday, May 5, 2020
Analysis in the Competitive Market- Free-Samples for Students
Questions: 1.Explain why this scenario is considered bad for the economy and what are the possible explanations for the weakening of Competition? 2.Use simple demand and supply analysis to show how a monopolist can affect total welfare. 3.What does Schumpeter suggest as solutions to Improve Competition? Answers: 1.In a market with perfect competition, the firms are competed with each other to capture a greater market share ( Baumol Blinder, 2015) In doing this they try to innovate new technique of production to reduce cost and capture higher profit. However, if the competition is decreased continuously then the firms will not go for new innovation to find a better technology ( Varian, 2014).. They then started to hoard their profit instead of investing it. Consequently, the workers will receive a lower wages and demand in the economy will be affected. Some seller might leave the market leading to a further declination in competition. If this continues then few big seller will capture the market inducing a monopoly condition. This is bad for the consumer as well as for the entire society. The declining trend in competition is actually resulted from the increasing government intervention to regulate the firms. The possibility that in an unregulated market few large firms may dominate the enti re market led the government to take the decision to regulate the market. The existing firm felt that regulators are intervening unsystematically. Thus, preventing them to grow bigger or attain economies of scale. That is why most of them are leaving the market weakening the competitive environment.2. Figure 1: welfare loss in a monopoly market Figure 1 gives the welfare analysis in the competitive and monopoly market. Market demand curve is indicated by DD and the correspondingly market supply curve is SS. The supply curve coincides with the marginal cost curve. Point E shows the competitive market equilibrium. The equilibrium occurs where market demand equalizes market supply. Equilibrium price and quantity are P* and Q* respectively. Equilibrium in the monopoly market is attained at the point of intersection of marginal revenue and marginal cost (McKenzie Lee, 2016). The monopoly price is P1 and the quantity supplied in the market in Q1. It is clear from the figure that P*P1 and Q*Q1. Hence, in a monopoly market a lower quantity is sold at a significantly high price. This reduces the consumer surplus as compared to competitive market. The seller enjoys the entire surplus. The reduced consumer surplus imposes a cost on the society, which is termed as deadweight loss (Friedman, 2017).The dead weight loss to the society is indicated by the shaded region. 3.Schumpeter has suggested taking a three stages strategy to overcome the situation. Strong campaigning by the public can make the politician to change their decision. The combine action of the monopolist had lead important reform in during 1920s. The formulation of antitrust law has given significant power to the technocrats. All that is needed is the brave move by them. The scholars in the society should learn from the experience of Chicago school. America should understand the importance of competition and its implication for social welfare. By following these strategies the scenario can expected to be improved in the near future. References: Baumol, W. J., Blinder, A. S. (2015). economics: Principles and policy. Cengage Learning. Friedman, L. S. (2017).The economics of public policy analysis. Princeton University Press. McKenzie, R. B., Lee, D. R. (2016). economics for MBAs: The economic way of thinking for managers. Cambridge University Press. Varian, H. R. (2014).Intermediate economics: A Modern Approach: Ninth International Student Edition. WW Norton Company.
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