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Essay / Research Paper Abstract
In ten pages this paper examines the five market structure examples of pure competition, monopolistic competition, oligopoly, monopoly, and monopsony that are featured in John Steinbeck’s novel The Grapes of Wrath. There are no additional sources listed in the bibliography.
Page Count:
10 pages (~225 words per page)
File: TG15_TGecogrape.rtf
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Unformatted sample text from the term paper:
capitalist economy is supported by a market structure that is supposed to control supply and demand equitably so that there is an appropriate determination of price and quantity. Whenever
supply exceeds demand or vice versa, prices rise and fall accordingly. Being a capitalist system, the U.S. economy is strongly influenced by individuals and corporations, both of which serve
as consumers and producers of products, goods, and services. When the stock market crashed in October of 1929, the United States plunged into what economists dubbed the Great Depression,
or a lengthy period of recession during which the regulatory cycle of supply and demand is disrupted by a significant reduction in productivity. Among those hardest hit by the
Great Depression were the Midwest farmers of Oklahoma, Kansas, Colorado, and the Texas Panhandle who also encountered the crop devastation associated with dust storms that commenced in 1930 and continued
intermittently for the next six years. Journalist and author John Steinbeck (1902-1968) sympathized with the plight of these farm families, many of whom had no recourse except to travel
west to California to find work. His literary masterpiece, The Grapes of Wrath, first published in 1939, chronicled the collective struggles of these farmers in the characterization of a
single family, the Joads. From what was left of their Oklahoma homestead to their journey west, and after reaching their California destination, the Joads are confronted with several market
structure examples, as they existed in the 1930s. They include pure competition, monopolistic competition, oligopoly, monopoly, and monopsony. In a pure (or perfect) competition market structure, there
are independent sellers who are selling the same product. In this scenario, individuals do not set prices for profits; they take what they are offered because they have no
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