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Look at different types of market.
Member rating: No Rating | Words: | Submitted: Mon Jan 12 2004
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Essay - Section B 2 a) A utility is a good that maximises consumer consumption; therefore a utility industry is an industry that maximises consumer consumption by using that good or service provided. This is likely to be a homogenous good, which is provided by a company like BT or POWERGEN, as both these industries are referred to in the question. The telecommunications industry has always been a monopoly, as other companies cannot enter the market, for example, other companies are at an immediate disadvantage because they do not have a telephone line in everyone's house. This is because this is a very expensive initial cost and companies are not usually likely to have the resources to be able to afford something like that. This was an important factor; this is why BT was controlled by the government before privatisation (Thatcher, 1970s), to control the monopoly. This meant that BT had a...
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