Ethics in The Marketplace
Ethics in The Marketplace
MARKETPLACE
Competition is part of the free enterprise
system. Competition tends to produce
efficiency in the market and benefits the
general consumer by resulting in a
variety of goods at the best prices.
We shall examine just a few of the areas
where the temptations to act immorally
are significant, and where some
practices are morally questionable.
Monopoly competition
In a monopoly, two of the seven conditions
are absent: there is only one seller, and
other sellers cannot enter the market.
Oligopolistic Competition
Most industries are not entirely
monopolistic. Most are dominated by a few
large firms. These markets lie somewhere
in between the monopoly and the perfectly
competitive free market; the most
important type of these imperfectly
competitive markets is the oligopoly.