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Essay / Research Paper Abstract
In three pages this paper discusses how economic terminology referring to market structures such as pure competition, monopolistic competition, oligopoly, monopoly, and monopsony are featured in John Steinbeck’s novel The Grapes of Wrath with story examples of each term provided. One source is cited in the bibliography.
Page Count:
3 pages (~225 words per page)
File: TG15_TGmarktgow.rtf
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Unformatted sample text from the term paper:
of how market structures operated in the United States during the 1930s. For the student interested in applying economic terminology to life in a capitalist society, this novel provides
an insightful primer. There are several examples throughout the text that illustrate such processes as pure competition, monopolistic competition, oligopoly, monopoly, and monopsony. It is worth mentioning that
Steinbeck clearly sided with the common man or the migrant farm workers that were being exploited or sold out by a system in which securing profits became more important than
taking care of people in need. Pure competition is when several sellers independent of each other are selling the same product. For example, many of the farmers of the
Midwest who lost everything during the dust storms occurring during the Great Depression, sought to go to California and offer their services. In a pure competition situation, low prices
alone are the primary determinant of which goods are purchased. In Chapter 9 of The Grapes of Wrath, the farmers had to sell off all of their equipment either
to satisfy debts or to travel light; they are completely at the mercy of buyers. As the embittered narrator complained, "Fifty cents isnt enough to get for a good
plow. That seeder cost thirty-eight dollars. Two dollars isnt enough. Cant haul it all back - Well, take it, and a bitterness with it" (Steinbeck 111).
The sellers were at the mercy of the buyers and because to the sellers some money was better than no money, they were powerless to affect prices. A monopolistic
competition is a type of market structure that consists of several sellers that produce items that are similar items with differences in prices. For instance, in The Grapes of
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