1. Прочитайте и переведите письменно текст.
MARKET STRUCTURE AND COMPETITION
When economists talk about market structure they mean the way companies compete with each other in a particular market. Let's take the market for pizzas, for example. There may be many thousands of small companies all trying to win a share of the pizza market, or there may be only one huge company that supplies all the pizzas. These are two very different market structures, but there are many other possible structures.
Market structure is important because it affects price. In some market structures, companies have more control over price. In other market structures, consumers have more control over price.
You can think of market structure as a kind of scale. At one end of the scale is perfect competition and at the other end is pure monopoly.
In a market with perfect competition, there are many companies supplying the same good or service, but none of them are able to control the price.This sounds fine, but in reality it is very difficult for such a market structure to exist. What's needed?
First of all, there must be many small companies competing. Each company has its own small share of the market. If one company has a much larger share than any other, it can affect price, and perfect compe-tition will no longer exist.
Secondly, products or services from different companies must be the same. This doesn't mean that everything on the market has to be identical, but they have to be perfect substitutes. In other words, one company's product must satisfy the same need as another company's. Imagine a company produces a television that also makes tea. Its prod-uct is different from everyone else's. If it chooses to raise the price of its TVs, customers may still want to buy them because of this difference.
Thirdly, customers and companies must have perfect and complete information. This means that they know everything about the products and prices on the market and that this information is correct.
Fourthly, there mustn't be any barriers to new companies entering the market. In other words there must not be anything that helps one company stay in the market and blocks others from trading.
Finally, every company in the market must have the same access to the resources and technology they need.
If all of these conditions are met, there is perfect competition. In this kind of market structure, companies are price takers. This is because the laws of supply and demand set the price, not the company. How does this work? Very simply! An increase in demand will make a company increase its price in order to cover costs. It might try to push its prices even higher than necessary so that it can make more profit. However, it will not be able to do this for very long. The increase in demand and the higher price will make other companies want to enter the market, too.
2. Ответьте письменно на вопросы по тексту.
a) What is market structure? Give examples of market structures.
b) How many conditions are necessary for perfect competition to exist?
c) Do small or large companies operate in a market with perfect competition?
d) Do companies make the same or different products in a market with perfect competition?
e) Is it easy for new businesses to enter a market with perfect competition?
f) Does perfect competition exist in reality?
3. Заполните пропуски в предложениях одним из слов или словосочетаний, предложенных ниже. Перепишите полные предложения и переведите их на русский язык.
good resources supply price takers share
exist pure monopoly enter access
a) Perfect competition and … … are opposites.
b) In a market with perfect competition all companies have equal access to the … and technology they need.
c) Everyone should have … to education.
d) In a market with perfect competition companies are … … as they can‘t affect the prices.
e) In a market with perfect competition each company has its small … of the market.
f) A perfect economic system may never … .
g) In a market with perfect competition there are many companies supplying the same … or service.
h) The laws of … and demand set the price in the market.
i) There mustn‘t be any barriers for companies that want to … the market.
4. Переведите предложения на русский язык, обращая внимание на функции инфинитива.
a) To spend more one should earn more.
b) The equipment to be installed will need more monitoring.
c) Many companies merge in order to increase market power ra-ther than to increase efficiency.
d) We intend both to replace the board and design a new aggressive policy.
e) The main tasks of an economist are to collect data, create economic models and formulate theories.
5. Переведите предложения на русский язык, обращая внимание на формы и функции герундия.
a) Printing money is rarely a solution for economic crises.
b) Despite all the advantages of having an open economy, countries sometimes restrict trade with other countries.
c) Specialising in one area of trade will give a country a comparative advantage.
d) If interest rates are reasonable, people continue taking out loans and using credit cards.
e) During a boom, consumers feel confident about spending because their jobs seem secure.
6. Переведите предложения на русский язык, обращая внимание на формы и функции причастия.
a) Wealth can include money saved in bank accounts or invested in pension schemes.
b) Government‘s main weapon to fight inequality is taxation making the income gap between the rich and the poor smaller.
c) As the division of labour increases, the amount of time needed to train each worker decreases.
d) At the top of the company there is the board of directors taking major decisions and setting objectives for the staff.
e) Having done thorough market research, the company identified its target consumers and launched a new advertising campaign.
7. Переведите предложения на русский язык, обращая внимание на типы условных предложений.
a) If wages rise, unemployment will rise.
b) If the agent defaults on the agreement, we will take legal action.
c) If they gave us a special price, we would put in a big order.
d) If we had anticipated the crash, we wouldn‘t have lost so much money.
e) We‘ll stop meeting now unless there is something else to discuss.