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Product differentiation may also result to a great extent at the expense of ostensible differences
created through advertising, packaging, trademarks and label use. When one or another brand of
jeans or perfume is associated with the name of a celebrity, it can affect the buyers' demand for
these products. Many consumers believe that toothpaste in a spray can is better than the same paste
in a standard tube. Although there are a number of medicines with similar pharmaceutical properties
to aspirin, the use of a good sales environment and catchy advertising can persuade many
consumers that Bayer aspirin is better and deserves a higher price than its less-known substitutes.
One of the key aspects of product differentiation is that, despite the presence of a large number of
firms, producers in monopolistic competition have limited control over the prices of their products.
Consumers prefer products of specific producers and, within certain limits, pay a higher price for
these products to satisfy their own tastes. Sellers and buyers are not linked spontaneously anywhere
else besides the pure competition market.
Диференціація виробу може також бути результатом – значною мірою – уявних відмінностей,
створених шляхом реклами, пакування та використання торгових знаків і торгових марок. Коли
та й інша марка джинсів або парфумів пов’язується з ім’ям якої-небудь знаменитості, то це
може вплинути на попит на ці вироби з боку покупців. Багато споживачів вважають, що зубна
паста, упакована в аерозольний балончик, краща за таку саму пасту в звичайному тюбику. Xоча
існує ряд медикаментів, за властивостями подібних до аспірину, створення сприятливих умов
для продажу та яскрава реклама можуть переконати багатьох споживачів, що аспірин фірми
“Баєр” є кращим та заслуговує на більш високу ціну, ніж його менш відомий замінник.
Одним із важливих значень диференціації виробу є те, що, незважаючи на наявність великої
кількості фірм, виробники, в умовах монополістичної конкуренції мають обмежені можливості
контролю над цінами на власну продукцію.
По-друге, неспроможність ринку виникає через те, що ринкова система враховує лише
індивідуальні потреби. Існує багато запитів, пов'язаних з товарами та послугами, які не
можуть бути профінансовані приватними особами через ринок. Наприклад, такі товари та
послуги, як будівництво доріг, програми боротьби з повенями та національна оборона не
можуть бути індивідуально придбані домогосподарствами в бажаних обсягах. Ці суспільні
блага можуть економічно ефективно вироблятися та споживатися лише на колективній
основі. Можна стверджувати, що ринкова система не здатна врахувати такі загально
суспільні або колективні потреби.
Critics cite two important cases of market failure. First, the market system may fail to register all
the benefits and costs associated with the production and consumption of certain goods and
services. That is, some benefits and costs are external to the market in that they accrue to parties
other than the immediate buyer and seller.Such benefits and costs are called spill-over or
external benefits and costs. For example, consumer demand as registered in the market
embodies only the satisfactions which accrue to individual consumers who purchase goods and
services; it does not reflect the fact that the purchase of such services as vaccinations and
education yields widespread benefits or satisfactions to the community (society) as a whole.
Similarly, the supply decisions of producers are based upon the costs which the market
obligates them to bear and do not reflect external costs, that is, costs borne by society at large
such a various forms of environmental pollution.The point is this: where demand and supply do
not accurately reflect all the benefits and all the costs of production, that is, where external
benefits and costs exist, the market system cannot be expected to bring about an allocation of
resources which best satisfies the wants of society.
The second case of market failure arises because the market system tabulates only individual
wants. There are many wants involving goods and services which cannot be financed by
individuals through the market. For example, such goods and services as highway, flood-control
programs, and national defense cannot be purchased in desired amounts by households on an
individual basis. These public goods can only be produced and consumed economically on a
collective basis. The market system, it is argued, is incapable of registering such social or
collective wants.
people are poor and hungry. By early next year about half of them will need help to get enough
food, says the UN’s World Food Programme. In a country that was once among Africa’s most 3)
industrialized, electricity flickers for only a few hours a day, often at night. Factories and
bakeries 4) stand idle while the sun shines. Workers arrive after dark, hoping that if they are
patient they will be able to switch on their machines or ovens. In homes people wake up in the
middle of the night to cook or iron their shirts. Freshwater taps work for a few hours once a
week. Tendai Biti, an opposition MP and former 5) finance minister, complains that life has
gone back to colonial times: “I’m washing in a bucket, my friend, as if it is Southern Rhodesia in
1923.” The crisis is Zimbabwe’s worst since the bad days of 2008-09, when President Robert
Mugabe’s 6) money-printing sparked 7) hyperinflation so intense that 8) prices doubled
several times a week. That crisis was tamed only when Zimbabwe ditched its own 9)
currency and started using American dollars. This time, the government blames drought for the
nation’s woes. Rains have, indeed, been poor. But the real problem is bad government. The
same ruling party, zanu-pf, has been 10) in charge since 1980. Mr Mugabe’s successor,
Emmerson Mnangagwa, who seized power from his mentor in 2017, is equally thuggish. His
regime has kept 11) grabbing dollars from people’s 12) bank accounts and replacing them
with electronic 13) funny money, which has now lost most of its value. In June, without enough
14) hard cash to pay the soldiers, who defend it, the government decreed that shops must
accept only 15) funny money.16) Annual inflation has reached 500%. Zimbabweans have
learned to expect only trouble from the people in charge. They hustle creatively to get by.
Salaried workers have side gigs. Families 17) subsist on remittances from relatives working
abroad. However, they do not see why they should endure oppression and dysfunction
indefinitely. Zimbabwe is poor because its rulers are predatory. But some blame must be shared
by neighbouring governments, donors and lenders who, time and again, have looked the other
way as the ruling party has rigged elections, tortured dissidents and looted the nation’s wealth.
In 1987, when Mr Mugabe tried to create a de facto one-party state, Western diplomats crooned
that a firm hand was probably what the country needed. In 2000, when Mr Mugabe sent thugs
to 18) seize white-owned commercial farms, some African leaders cheered the righting of a
colonial wrong, ignoring the fact that much of the land was 19) redistributed to cabinet
ministers who barely bothered to farm it. After Mr Mugabe’s 20) crashed the economy, the
IMF handed over $510m in 2009, saying it welcomed his promises of reform. They proved
empty. Now Mr Mnangagwa wants another 21) bail-out from the IMF and 22) loans from the
World Bank. To secure it, he is making grand pledges to repeal oppressive laws and compensate
farmers whose land was stolen. Yet after 21 months in power, he has shown few signs of doing
either. Until he proves through actions that he is sincere, his regime should not get a cent.
Provide food and medical aid to the hungry; but do not 23) prop up the government that made
them so.
1) mismanagement/ урядові махінації, неефективне управління,
2) corruption/ корупція,
3) industrialized/ промислово-розвинений, індустріалізований,