Geography & History Notes | KCSE, NECTA, ZIMSEC & GCSE

  Level of education and training. Highly skilled labour is paid more % because of the high productivity and efficiency than a worker with a low level of education who is inefficient and needs further training. Cost of living. High costs of living like in urban areas leads to high wages to a worker to enable them to sustain better standards of living while low costs of living like in rural areas leads to low wages given to a worker because minimal cost required to sustain a given lifestyle. Level of talents and natural gifts. A highly talented worker is gifted contributes more to output hence earns more wages than a worker who is talented and contributes less to output. Nature of the job. Highly risky jobs results into high wages given to worker-compensate them for the risk they are exposed to while less risky jobs results low wages given to workers. Level of experience/ responsibility. High level of experience or more responsibilities leads to high wages given to a worker b...

  ADVANTAGES OF MONOPOLY A monopoly is able to provide better working conditions to employees because of the high profits realised In some monopolies, high standards of services/goods are offered Monopolies always enjoy economies of scale. This may help the consumer in that the goods supplied by a monopoly will bear lower prices. A monopolist may use the extra profit earned to carry out research and thus produce higher quality goods and services. The consumer is protected in that essential services such as water and power supply is not left to private businesses who would exploit the consumers. DISADVANTAGES OF MONOPOLY A monopolist can control output so as to charge high prices Consumers lack freedom of choice in that the product produced by a monopoly has no substitute Low quality products may be availed to consumers due to lack of competition RELATED POSTS COMPARISON BETWEEN FISHING IN KENYA AND JAPAN THE CONCEPT OF ENVIRONMENT, COMPONENTS OF ENVIRONMENT AND THE PROBLEM FACING E...

  An oligopoly is a market structure where there are few firms. The firms are relatively large and command a substantial part of the market. It is a market structure between monopolistic competition and monopoly. Types of Oligopoly Oligopoly may be classified according to the number of firms or the type of products they sell. They include; Duopoly; This refers to an oligopoly market structure which comprises of two firms. Mastermind Tobacco and British American Tobacco (BAT) are examples of duopoly in Kenya. Perfect/Pure oligopoly refers to an oligopolistic market that deals in products which are identical. Examples of pure oligopoly are companies dealing with petroleum products such as oil Libya, Caltex, Total, Shell, National Oil, Kenol and Kobil. These firm sell products which  are identical such as kerosene, petrol and diesel. Imperfect/Differentiated Oligopoly; this is an oligopolistic market structure where firm have products which are the same but are made to appear ...