Misplaced Pages

#4995

132-482: Sunday Night Theatre was a long-running series of televised live television plays screened by BBC Television from early 1950 until 1959. The productions for the first five years or so of the run were re-staged live the following Thursday, partly because of technical limitations in this era, and the theatrical basis of early television drama. Some of the earliest collaborations between Rudolph Cartier and Nigel Kneale were produced for this series, including Arrow to

264-405: A " de jure monopoly") is a form of coercive monopoly , in which a government grants exclusive privilege to a private individual or company to be the sole provider of a commodity. Monopoly may be granted explicitly, as when potential competitors are excluded from the market by a specific law , or implicitly, such as when the requirements of an administrative regulation can only be fulfilled by

396-509: A PC market are price takers. The price is set by the interaction of demand and supply at the market or aggregate level. Individual companies simply take the price determined by the market and produce that quantity of output that maximizes the company's profits. If a PC company attempted to increase prices above the market level all its customers would abandon the company and purchase at the market price from other companies. A monopoly has considerable although not unlimited market power. A monopoly has

528-739: A boarding pass before boarding an airplane. Most travelers assume that this practice is strictly a matter of security. However, a primary purpose in requesting photographic identification is to confirm that the ticket purchaser is the person about to board the airplane and not someone who has repurchased the ticket from a discount buyer. The inability to prevent resale is the largest obstacle to successful price discrimination. Companies have, however, developed numerous methods to prevent resale. For example, universities require that students show identification before entering sporting events. Governments may make it illegal to resell tickets or products. In Boston, Red Sox baseball tickets can only be resold legally to

660-598: A company cannot charge more than the market price. Any market structure characterized by a downward sloping demand curve has market power – monopoly, monopolistic competition and oligopoly. The only market structure that has no market power is perfect competition. A company wishing to practice price discrimination must be able to prevent middlemen or brokers from acquiring the consumer surplus for themselves. The company accomplishes this by preventing or limiting resale. Many methods are used to prevent resale. For instance, persons are required to show photographic identification and

792-426: A consumer's tax return has information that can be used to charge customers based on an estimate of their ability to pay. In second degree price discrimination or quantity discrimination customers are charged different prices based on how much they buy. There is a single price schedule for all consumers but the prices vary depending on the quantity of the good bought. The theory of second degree price discrimination

924-438: A consumer's willingness to pay is rarely available. Sellers tend to rely on secondary information such as where a person lives (postal codes); for example, catalog retailers can use mail high-priced catalogs to high-income postal codes. First degree price discrimination most frequently occurs in regard to professional services or in transactions involving direct buyer-seller negotiations. For example, an accountant who has prepared

1056-627: A converted wing of the Alexandra Palace in London. On 1 September 1939, two days before Britain declared war on Germany, the station was taken off air with little warning, with the last programme to be shown being a Mickey Mouse cartoon (the 1933 short Mickey's Gala Premier ); the government was concerned that the VHF transmissions would act as a beacon to enemy aircraft that could bomb London. BBC Television returned on 7 June 1946 at three o'clock in

1188-549: A customer's willingness to buy a good is difficult. Asking consumers directly is fruitless: consumers do not know, and to the extent they do they are reluctant to share that information with marketers. The two main methods for determining willingness to buy are observation of personal characteristics and consumer actions. As noted information about where a person lives (postal codes), how the person dresses, what kind of car he or she drives, occupation, and income and spending patterns can be helpful in classifying. The price of monopoly

1320-492: A different price. Third degree price discrimination is the most prevalent type. There are three conditions that must be present for a company to engage in successful price discrimination. First, the company must have market power. Second, the company must be able to sort customers according to their willingness to pay for the good. Third, the firm must be able to prevent resell. A company must have some degree of market power to practice price discrimination. Without market power

1452-537: A dominant position or a monopoly in a market is often not illegal in itself; however, certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly , by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group . Patents , copyrights , and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve

SECTION 10

#1732851648005

1584-400: A few entities have market power and therefore interact with their customers (monopoly or oligopoly), or suppliers (monopsony) in ways that distort the market. Monopolies can be formed by mergers and integrations, form naturally , or be established by a government. In many jurisdictions, competition laws restrict monopolies due to government concerns over potential adverse effects. Holding

1716-424: A given product or service. If there is a single seller in a certain market and there are no close substitutes for the product, then the market structure is that of a "pure monopoly". Sometimes, there are many sellers in an industry or there exist many close substitutes for the goods being produced, but nevertheless, companies retain some market power. This is termed "monopolistic competition", whereas in an oligopoly ,

1848-409: A high rate of return or monopoly prices and might represent risk premiums . Monopolies derive their market power from barriers to entry – circumstances that prevent or greatly impede a potential competitor's ability to compete in a market. There are three major types of barriers to entry: economic, legal, and deliberate. In addition to barriers to entry and competition, barriers to exit may be

1980-433: A higher price than P ∗ {\displaystyle P^{*}} and those who will not pay P ∗ {\displaystyle P^{*}} but would buy at a lower price. A price discrimination strategy is to charge less price sensitive buyers a higher price and the more price sensitive buyers a lower price. Thus additional revenue is generated from two sources. The basic problem

2112-625: A lot of help from my friends", with the channel still under criticism, following the start of new programming which Alan introduced a year earlier, and the number of summer repeats. £175 million was spent on 80 hours of original drama produced, enchantment to the arts with an extended 26-week run for Omnibus , and documentaries with The Downing Street Years , new wildlife series and an eight-month look at Sheffield's Children's hospital, while Goodnight Sweetheart , Grace & Favour and The Danny Baker Show were new comedy series. Lois & Clark: The New Adventures of Superman included in

2244-515: A market and what does not are relevant distinctions to make in economic analysis. In a general equilibrium context, a good is a specific concept including geographical and time-related characteristics. Most studies of market structure relax a little their definition of a good, allowing for more flexibility in the identification of substitute goods. A monopoly has at least one of these five characteristics: Market power can be estimated with Lerner index . High profit margins might not correspond to

2376-416: A maximum value then continuously decreases until total revenue is again zero. Total revenue has its maximum value when the slope of the total revenue function is zero. The slope of the total revenue function is marginal revenue. So the revenue maximizing quantity and price occur when MR = 0 {\displaystyle {\text{MR}}=0} . For example, assume that the monopoly's demand function

2508-466: A monopolist to increase its profit by charging higher prices for identical goods to those who are willing or able to pay more. For example, most economic textbooks cost more in the United States than in developing countries like Ethiopia . In this case, the publisher is using its government-granted copyright monopoly to price discriminate between the generally wealthier American economics students and

2640-451: A monopoly is that the monopoly has a downward-sloping demand curve rather than the "perceived" perfectly elastic curve of the PC company. Practically all the variations mentioned above relate to this fact. If there is a downward-sloping demand curve then by necessity there is a distinct marginal revenue curve. The implications of this fact are best made manifest with a linear demand curve. Assume that

2772-509: A monopoly. Often, a natural monopoly is the outcome of an initial rivalry between several competitors. An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies. A natural monopoly suffers from the same inefficiencies as any other monopoly. Left to its own devices, a profit-seeking natural monopoly will produce where marginal revenue equals marginal costs. Regulation of natural monopolies

SECTION 20

#1732851648005

2904-447: A more elastic demand for movies than do young adults because they generally have more free time. Thus theaters will offer discount tickets to seniors. Assume that by a uniform pricing system the monopolist would sell five units at a price of $ 10 per unit. Assume that his marginal cost is $ 5 per unit. Total revenue would be $ 50, total costs would be $ 25 and profits would be $ 25. If the monopolist practiced price discrimination he would sell

3036-496: A more price inelastic demand and a relatively lesser price to the group with a more elastic demand. Examples of third degree price discrimination abound. Airlines charge higher prices to business travelers than to vacation travelers. The reasoning is that the demand curve for a vacation traveler is relatively elastic while the demand curve for a business traveler is relatively inelastic. Any determinant of price elasticity of demand can be used to segment markets. For example, seniors have

3168-421: A perfectly elastic demand curve meaning that total revenue is proportional to output. Thus the total revenue curve for a competitive company is a ray with a slope equal to the market price. A competitive company can sell all the output it desires at the market price. For a monopoly to increase sales it must reduce price. Thus the total revenue curve for a monopoly is a parabola that begins at the origin and reaches

3300-589: A position vacated by BBC Three , which had been switched to internet-only six weeks earlier. Changes in Scotland, Wales, and Northern Ireland were also scheduled but delayed for 'technical reasons'. On 22 November 2022, the BBC announced that BBC One will finally be regionalised on their HD channels. This move started on Sky Glass, followed by Virgin Cable, and then in the 2023 new year, HD programmes are launched on satellite. With

3432-579: A post she took up on 1 November 2000. She had previously been sounded out about the job in 1997 after Michael Jackson 's departure, but had turned down the opportunity as she felt she was then not yet experienced enough. During Heggessey's five years in charge, BBC One's audience share fell by 19.9%, to 23%, although this was in the context of declining audience figures across all British television channels due to increased competition from multichannel digital television . However, in 2001 BBC One overtook its main rival ITV in terms of annual audience share for

3564-477: A price increase, price elasticity tends to increase, and in the optimum case above it will be greater than one for most customers. A company maximizes profit by selling where marginal revenue equals marginal cost. A company that does not engage in price discrimination will charge the profit maximizing price, P ∗ {\displaystyle P^{*}} , to all its customers. In such circumstances there are customers who would be willing to pay

3696-598: A result. His future was deemed uncertain following critical comments from Sir Michael Lyons , Chairman of the BBC Trust , and he resigned on 5 October 2007. In 2009, a report published by the BBC Trust found scheduling changes had led to a decrease in viewers. This was especially noticeable for Blue Peter and Newsround , two of CBBC's flagship programmes; Blue Peter which recorded its lowest viewing numbers since it started in 1958, and Newsround with fewer than 100,000 viewers compared to 225,000 in 2007. As part of

3828-424: A single agent or entrepreneur, the optimal decision is to equate the marginal cost and marginal revenue of production. Nonetheless, a pure monopoly can – unlike a competitive company – alter the market price for its own convenience: a decrease of production results in a higher price. In the economics' jargon, it is said that pure monopolies have "a downward-sloping demand". An important consequence of such behaviour

3960-482: A source of market power. Barriers to exit are market conditions that make it difficult or expensive for a company to end its involvement with a market. High liquidation costs are a primary barrier to exiting. Market exit and shutdown are sometimes separate events. The decision of whether to shut down or operate is not affected by exit barriers. A company will shut down if the price falls below minimum average variable costs. While monopoly and perfect competition represent

4092-508: A station clock, and perceived lack of a 'serious ident', also put the BBC in an embarrassing situation just one day into the new look with the death of the Queen Mother . One of Heggessey's most notable decisions and last major success at the channel was the recommissioning of the science-fiction drama series Doctor Who , which had been a popular hit in previous decades but ceased production in 1989 . Heggessey and Jane Tranter recommissioned

Sunday Night Theatre - Misplaced Pages Continue

4224-402: A substitute. Contrary to common misconception , monopolists do not try to sell items for the highest possible price, nor do they try to maximize profit per unit, but rather they try to maximize total profit. A natural monopoly is an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs. A natural monopoly occurs where

4356-416: A year was spent on narrowing the gap on ITV's ratings lead, since a few months prior to this the channel had been criticised for its Autumn schedule, having tired formats, uninspiring scheduling of new programmes and poor scripts. Wogan was replaced with Eldorado , in early July 1992, but this was itself cancelled a year later. Alan Yentob launched the 1993 Autumn schedule calling it "My first try with

4488-406: Is P = 50 − 2 Q {\displaystyle P=50-2Q} . The total revenue function would be TR = 50 Q − 2 Q 2 {\displaystyle {\text{TR}}=50Q-2Q^{2}} and marginal revenue would be 50 − 4 Q {\displaystyle 50-4Q} . Setting marginal revenue equal to zero we have So

4620-502: Is a consumer is willing to buy only a certain quantity of a good at a given price. Companies know that consumer's willingness to buy decreases as more units are purchased. The task for the seller is to identify these price points and to reduce the price once one is reached in the hope that a reduced price will trigger additional purchases from the consumer. For example, sell in unit blocks rather than individual units. In third degree price discrimination or multi-market price discrimination

4752-404: Is a market in which one person or company is the only supplier of a particular good or service. A monopoly is characterized by a lack of economic competition to produce a particular thing, a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit . The verb monopolise or monopolize refers to

4884-400: Is a theoretical construct, advances in information technology and micromarketing may bring it closer to the realm of possibility. Partial price discrimination can cause some customers who are inappropriately pooled with high price customers to be excluded from the market. For example, a poor student in the U.S. might be excluded from purchasing an economics textbook at the U.S. price, which

5016-681: Is defined by the total gains from trade, the monopoly setting is less efficient than perfect competition. It is often argued that monopolies tend to become less efficient and less innovative over time, becoming "complacent", because they do not have to be efficient or innovative to compete in the marketplace. Sometimes this very loss of psychological efficiency can increase a potential competitor's value enough to overcome market entry barriers, or provide incentive for research and investment into new alternatives. The theory of contestable markets argues that in some circumstances (private) monopolies are forced to behave as if there were competition because of

5148-417: Is important information for one to remember when considering the monopoly model diagram (and its associated conclusions) displayed here. The result that monopoly prices are higher, and production output lesser, than a competitive company follow from a requirement that the monopoly not charge different prices for different customers. That is, the monopoly is restricted from engaging in price discrimination (this

5280-401: Is known as the "revolution in monopoly theory". A monopolist can extract only one premium, and getting into complementary markets does not pay. That is, the total profits a monopolist could earn if it sought to leverage its monopoly in one market by monopolizing a complementary market are equal to the extra profits it could earn anyway by charging more for the monopoly product itself. However,

5412-400: Is not perfect. Regulators must estimate average costs. Companies have a reduced incentive to lower costs. Regulation of this type has not been limited to natural monopolies. Average-cost pricing does also have some disadvantages. By setting price equal to the intersection of the demand curve and the average total cost curve, the firm's output is allocatively inefficient as the price is less than

Sunday Night Theatre - Misplaced Pages Continue

5544-400: Is problematic. Fragmenting such monopolies is by definition inefficient. The most frequently used methods dealing with natural monopolies are government regulations and public ownership. Government regulation generally consists of regulatory commissions charged with the principal duty of setting prices. Natural monopolies are synonymous with what is called "single-unit enterprise", a term which

5676-448: Is termed first degree price discrimination , such that all customers are charged the same amount). If the monopoly were permitted to charge individualised prices (this is termed third degree price discrimination ), the quantity produced, and the price charged to the marginal customer, would be identical to that of a competitive company, thus eliminating the deadweight loss ; however, all gains from trade (social welfare) would accrue to

5808-617: Is that typically a monopoly selects a higher price and lesser quantity of output than a price-taking company; again, less is available at a higher price. A monopoly chooses that price that maximizes the difference between total revenue and total cost. The basic markup rule (as measured by the Lerner index ) can be expressed as P − M C P = − 1 E d {\displaystyle {\frac {P-MC}{P}}={\frac {-1}{E_{d}}}} , where E d {\displaystyle E_{d}}

5940-560: Is the only market form in which price discrimination would be impossible (a perfectly competitive company has a perfectly elastic demand curve and has no market power). There are three forms of price discrimination. First degree price discrimination charges each consumer the maximum price the consumer is willing to pay. Second degree price discrimination involves quantity discounts. Third degree price discrimination involves grouping consumers according to willingness to pay as measured by their price elasticities of demand and charging each group

6072-535: Is the price elasticity of demand the firm faces. The markup rules indicate that the ratio between profit margin and the price is inversely proportional to the price elasticity of demand. The implication of the rule is that the more elastic the demand for the product the less pricing power the monopoly has. Market power is the ability to increase the product's price above marginal cost without losing all customers. Perfectly competitive (PC) companies have zero market power when it comes to setting prices. All companies of

6204-517: Is to identify customers by their willingness to pay. The purpose of price discrimination is to transfer consumer surplus to the producer. Consumer surplus is the difference between the value of a good to a consumer and the price the consumer must pay in the market to purchase it. Price discrimination is not limited to monopolies. Market power is a company's ability to increase prices without losing all its customers. Any company that has market power can engage in price discrimination. Perfect competition

6336-441: Is upon every occasion the highest which can be got. The natural price, or the price of free competition, on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together. The one is upon every occasion the highest which can be squeezed out of the buyers, or which it is supposed they will consent to give; the other is the lowest which the sellers can commonly afford to take, and at

6468-502: The Nine O'Clock News had been moved to the later time of 22:00 and Panorama moved from Monday night prime time slot to a later slot on Sunday nights. The moving of Panorama attracted criticism that BBC One was sidelining serious programming in favour of more populist output. Heggessey publicly defended the decision, despite it not being hers, claiming that Panorama 's ratings would have "dwindled" in its previous slot. Heggessey and

6600-478: The NICAM digital stereo sound format began on BBC1 in late 1987, to coincide with the sale of the first consumer NICAM-enabled equipment, a year after BBC2, and were gradually phased in across BBC TV output, although it took until 31 August 1991 for the service to begin officially on both channels. During this time, both commercial analogue broadcasters, ITV and Channel 4 had officially begun stereo transmissions using

6732-529: The Populus polling organisation found BBC One to be rated the highest-quality TV channel in the world, with BBC Two coming in third place. BBC One is available via most major television providers in the United Kingdom. The BBC began its own regular television programming from the basement of Broadcasting House , London, on 22 August 1932. The channel officially began regular broadcasts on 2 November 1936 from

SECTION 50

#1732851648005

6864-427: The process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises . Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have

6996-442: The "Balloon" idents (and the traditional "Globe" idents the channel had used in a variety of forms since 1963). They were replaced by a new style of on-air identity for the channel, the "Rhythm & Movement" idents . The new idents attracted criticism for going against the traditions of the channel and pandering to " political correctness ", as they featured activities performed by people of various ethnicities. The abandonment of

7128-488: The 18:20 slot, but this was dismissed. The Miss Great Britain contest was dropped, being described as verging on the too offensive after the January 1985 contest, with World's Strongest Man and International Superstar also being cancelled. BBC1 was relaunched on 18 February 1985 with a new look , new programming including Wogan and EastEnders , and a revised schedule to help streamline and maintain viewers throughout

7260-509: The BBC announced plans to launch a one-hour time shift of the channel, named BBC One +1. The channel would have replaced BBC Three in 2016. However, on 30 June 2015, the BBC Trust rejected the plans for a BBC One +1 channel as they stated that it would be at the expense of commercial rivals. BBC One HD , a simulcast of BBC One in 1080i high definition (HD), launched on 3 November 2010 at 19:00 with The One Show . The channel simulcasts

7392-531: The BBC's Controller of Drama Commissioning, Jane Tranter , took advantage of the weekday 21:00 slot opening up by moving the news to commission new popular drama output, such as the successful Waking the Dead (2000–2011) and Spooks (2002–2011). Celebrity dancing show Strictly Come Dancing (2004–present) was also a popular success on Saturday nights, although another Saturday night entertainment series, Fame Academy , faced accusations of being too derivative of

7524-429: The BBC's television output be out-sourced to independent production companies. By 2004, many popular BBC One shows were made for the channel by independents, but the in-house production departments continued to contribute heavily to the schedule. In March 1991, as part of the £63 million programme package for spring and summer line up on BBC1, it was announced an extra £20 million was to be spent on rejuvenating

7656-505: The BBC, and set about overhauling BBC1, which had been slated with poor home grown shows, its heavy reliance on US imports, with Dallas and The Thorn Birds being BBC1's highest rated programmes and ratings being over 20% behind ITV. Cotton recruited Michael Grade to become Controller of BBC1 from 1 September 1984 the first time the corporation had recruited someone outside of the BBC, replacing Alan Hart, who had been criticised for his lack of knowledge in general entertainment, as he

7788-541: The BBC-developed NICAM system. Widescreen programming was introduced on digital platforms in 1998. For the first 50 years of its existence, with the exception of films and programmes purchased from the United States and elsewhere, almost all the channel's output were produced by the BBC's in-house production departments. This changed following the passing of the Broadcasting Act 1990 , which required that 25% of

7920-656: The Delivering Quality First proposals submitted by the BBC in October 2011 and approved by the BBC Trust in May 2012, all children's programming on BBC One and Two would be moved permanently to the CBBC and CBeebies channels following the digital switchover. It was found that the majority of child viewers watched the programmes on these channels already and that only 7% of these children watched CBBC programmes on BBC One and Two only, it

8052-599: The Heart (1952, 1956) and Nineteen Eighty-Four (1954). The Sunday night drama slot was subsequently renamed The Sunday-Night Play which ran for four seasons between 1960 and 1963. ITV transmitted its own unrelated run of Sunday Night Theatre between 1969 and 1974. The overwhelming majority of the run (1950–1959) of 721 plays are missing from television archives; only 27 are believed to still exist as telerecordings . The Thursday 'repeat performance; of Nineteen Eighty-Four survives in this form. (See Wiping .) Also among

SECTION 60

#1732851648005

8184-517: The Queen which was shown to journalists during a press conference. It apparently showed the Queen storming out of a session with American photographer Annie Leibovitz over a disagreement about what she should wear, but the BBC subsequently admitted that the scenes used in the trailer had been edited out of their correct order, meaning that a false impression was given. Fincham admitted the error, but rejected calls that he should resign from his position as

8316-468: The Saturday night line up to increase variety. Following the public disapproval of filling its schedule with 25% of repeats during the summer months of 1993, BBC1 agreed to broadcast an extra 110 hours worth of original programming over the same period during the summer in 1994, which included giving EastEnders an additional episode per week. Efficiency savings of £25 million were found and redeployed to

8448-459: The afternoon. Jasmine Bligh , one of the original announcers, made the first announcement, saying, "Good afternoon everybody. How are you? Do you remember me, Jasmine Bligh?". Twenty minutes later, BBC Television again aired the Mickey Mouse cartoon that they had broadcast in 1939. The BBC held a statutory monopoly on television broadcasting in the United Kingdom until Associated-Rediffusion ,

8580-403: The average cost of production "declines throughout the relevant range of product demand". The relevant range of product demand is where the average cost curve is below the demand curve. When this situation occurs, it is always more efficient for one large company to supply the market than multiple smaller companies; in fact, absent government intervention in such markets, will naturally evolve into

8712-467: The case that at the profit-maximizing quantity MR and MC are less than price, which further implies that a monopoly produces less quantity at a higher price than if the market were perfectly competitive. The fact that a monopoly has a downward-sloping demand curve means that the relationship between total revenue and output for a monopoly is much different from that of competitive companies. Total revenue equals price times quantity. A competitive company has

8844-458: The caveat that the new show would not launch until at least November 1981, whereupon new licence fee income could finance the necessary extension of broadcasting hours. On 17 January 1983, one year after originally planned, the first edition of Breakfast Time was shown on BBC1, becoming the first UK wide breakfast television service and continued to lead in the ratings until 1984. In 1984, Bill Cotton become managing director of Television at

8976-475: The channel after the BBC's contract to show the programme ended on 8 February 2008, and moved to Channel 5 on 11 February 2008. The Weakest Link was moved from BBC Two to fill the gap, with the afternoon CBBC slot moving 20 minutes earlier. There was further controversy in July 2007 when Fincham was accused of misleading BBC One viewers. The incident involved a clip from forthcoming documentary A Year with

9108-440: The channels drama and comedy output during peak times, to keep the channel in a healthy state once the new Channel 3 licences were awarded. In December 1991 Wogan was to be cancelled, due to falling ratings against a number of ITV shows, in which Wogan only managed six million viewers compared to double that for This Is Your Life , The Krypton Factor and The $ 64,000 Question . Additionally an extra £40 million

9240-560: The commissioning of several successful BBC One programmes including Robin Hood (2006–2009), Jane Eyre (2006) and How Do You Solve a Problem like Maria? , which was followed by similar shows Any Dream Will Do and I'd Do Anything because of its success. His first full year in charge of the channel saw a year-on-year growth in the audience share, with a rise from 22.2% in August 2005 to 23.6% in August 2006. Fincham also directly initiated

9372-558: The companies interact strategically. In general, the main results from this theory compare the price-fixing methods across market structures, analyze the effect of a certain structure on welfare, and vary technological or demand assumptions in order to assess the consequences for an abstract model of society. Most economic textbooks follow the practice of carefully explaining the "perfect competition" model, mainly because this helps to understand departures from it (the so-called "imperfect competition" models). The boundaries of what constitutes

9504-518: The corporation strengthened its drama output costing £30 million, with eight new series, including Howards' Way , All Creatures Great and Small , Hold the Back Page , and Bluebill , along with the return of Bergerac and Big Deal . The increase in the drama department was achieved by switching the money away from the administrative service over a three-year period, after BBC1 was criticised for failing to match ITV's output in drama. EastEnders

9636-449: The course of the evening. Grade started to gear most programmes to either on the hour or half past the hour, while Panorama and Omnibus were both moved after the Nine O'Clock News . Grade was also determined to end the dated and inept BBC1 scheduling which was hampering the channel and holding back good programmes. Grade said "When I took over BBC1, I discovered there were wonderful things, it

9768-426: The creation of both The One Show (2006–present), an early evening, current-affairs and lifestyle magazine programme, which now runs all but two weeks of the year, and Davina (2006), a prime time chat show , the latter hosted by Davina McCall , who presented Big Brother . However, Davina was a critical and ratings disaster, which Fincham subsequently admitted was personally his fault, although he defended

9900-400: The end of analogue broadcasting. Between 1973 and 1977, BBC1 achieved an average audience share of 45% under Bryan Cowgill . This was the channel's most successful period in terms of audience share. On 30 December 1980, the BBC announced plans to introduce a new breakfast television service to compete with TV-am . They stated that the new show would be broadcast before TV-am but included

10032-414: The extremes of market structures there is some similarity. The cost functions are the same. Both monopolies and perfectly competitive (PC) companies minimize cost and maximize profit. The shutdown decisions are the same. Both are assumed to have perfectly competitive factors markets. There are distinctions; some of the most important are as follows: The most significant distinction between a PC company and

10164-470: The first Independent Television (ITV) station, began to broadcast on 22 September 1955. The competition quickly forced the channel to change its identity and priorities, following a large reduction in its audience, as noted in the 1962 Pilkington Report on the future of broadcasting. Simultaneously, the Pilkington Report decided to award an additional television station to the BBC on the basis that ITV

10296-446: The first time and had a live in-vision presenter, similar to rival ITV's Children's ITV block which had been running since January 1983. Previously the BBC had broadcast children's programming using BBC1's team of regular duty announcers. The launch presenter for this block, and thus the first Children's BBC presenter of the current format, was Phillip Schofield . On 23 May 1986, long-running lunchtime magazine show Pebble Mill at One

10428-519: The first time since the rival channel had launched in 1955, although much of this was down to the success of the channel's daytime television line-up, which had its own Controller: Jane Lush . When Heggessey arrived at the channel in November 2000, she inherited two controversial schedule changes which had been implemented the previous month, at the behest of Director-General of the BBC Greg Dyke ;

10560-407: The first unit for $ 17 the second unit for $ 14 and so on which is listed in the table below. Total revenue would be $ 55, his total cost would be $ 25 and his profit would be $ 30. Several things are worth noting. The monopolist acquires all the consumer surplus and eliminates practically all the deadweight loss because he is willing to sell to anyone who is willing to pay at least the marginal cost. Thus

10692-476: The first variation. A Scottish variation launched on 14 January 2013, followed by a Welsh variation on 29 January 2013. On 16 July 2013, the BBC indicated that it also wants to launch regional variants of BBC One HD across England; however, this would require the approval of the BBC Trust, with a proposal due to be presented within six months. On 18 November 2013, the Northern Irish regional variant of BBC One HD

10824-400: The form of price control is necessary as it helped efficient market. To reduce prices and increase output, regulators often use average cost pricing. By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve. This pricing scheme eliminates any positive economic profits since price equals average cost. Average-cost pricing

10956-429: The generally poorer Ethiopian economics students. Similarly, most patented medications cost more in the U.S. than in other countries with a (presumed) poorer customer base. Typically, a high general price is listed, and various market segments get varying discounts. This is an example of framing to make the process of charging some people higher prices more socially acceptable. Perfect price discrimination would allow

11088-468: The inverse demand curve is of the form x = a − b y {\displaystyle x=a-by} . Then the total revenue curve is TR = a y − b y 2 {\displaystyle {\text{TR}}=ay-by^{2}} and the marginal revenue curve is thus MR = a − 2 b y {\displaystyle {\text{MR}}=a-2by} . From this several things are evident. First,

11220-728: The launch of the HD channels, this also means the closure of the SD channels. SD channels are shut on satellite 24 hours after the launch of the HD channel, and are moved up to the Channel 1/Channel 101 slot on the EPG. Viewers with older standard definition set-top boxes will no longer be able to receive BBC One. All BBC satellite channels in standard definition have closed on 8 January 2024. Monopoly A monopoly (from Greek μόνος , mónos , 'single, alone' and πωλεῖν , pōleîn , 'to sell')

11352-552: The lowest common denominator to increase viewership. Reliance on docusoaps and the dropping of the vilified Noel's House Party were chastened by the hoax guests on The Vanessa Show . Alan Yentob said "The spring package is to remind people of what the BBC is here for, range and ambition you won't find anywhere else at peak time". The changes helped the channel distinguish itself from (as one BBC executive said) "its down-market rival and would not compete for viewers on ITV's terms." Lorraine Heggessey became Controller of BBC One,

11484-466: The marginal cost (which is the output quantity for a perfectly competitive and allocatively efficient market). In 1848, J.S. Mill was the first individual to describe monopolies with the adjective "natural". He used it interchangeably with "practical". At the time, Mill gave the following examples of natural or practical monopolies: gas supply, water supply, roads, canals, and railways. In his Social Economics , Friedrich von Wieser demonstrated his view of

11616-587: The marginal revenue curve has the same x {\displaystyle x} -intercept as the inverse demand curve. Second, the slope of the marginal revenue curve is twice that of the inverse demand curve. What is not quite so evident is that the marginal revenue curve is below the inverse demand curve at all points ( y ≥ 0 {\displaystyle y\geq 0} ). Since all companies maximise profits by equating MR {\displaystyle {\text{MR}}} and MC {\displaystyle {\text{MC}}} it must be

11748-401: The monopolist and none to the consumer. In essence, every consumer would be indifferent between going completely without the product or service and being able to purchase it from the monopolist. As long as the price elasticity of demand for most customers is less than one in absolute value , it is advantageous for a company to increase its prices: it receives more money for fewer goods. With

11880-445: The monopolist to charge each customer the exact maximum amount they would be willing to pay. This would allow the monopolist to extract all the consumer surplus of the market. A domestic example would be the cost of airplane flights in relation to their takeoff time; the closer they are to flight, the higher the plane tickets will cost, discriminating against late planners and often business flyers. While such perfect price discrimination

12012-518: The national version of BBC One in High Definition, with HD versions of programmes including Doctor Who , Holby City , The One Show , Strictly Come Dancing and The Apprentice . EastEnders was also made available in HD from Christmas Day 2010. All programmes still made in standard definition were upscaled on the channel, with the intention that by 2012 the vast majority of the channel's output would be in high definition. On 30 May 2012,

12144-460: The new productions. The savings were seen as a vindication for Producer Choice, the controversial internal market introduced in April 1993. By March 1999, the channel admitted defeat in its ratings war with ITV, with its spring line up emphasising more on serious factual and educational programmes, and drama. This change in strategy came about after continuing complaints that the channel was appealing to

12276-490: The one hand it is inevitable. But it is dismissive of children. There is a certain amount of overlooking of the fact that children's programmes do get a wider audience than people are aware of ... I have frequently had letters from older people who have enjoyed my programmes as much as children do. A lot of the reason older people like to watch children's programming is because it is life-enhancing." Head of BBC Children's, Joe Godwin said: "Our young viewers are our priority and

12408-402: The one monopoly profit theorem is not true if customers in the monopoly good are stranded or poorly informed, or if the tied good has high fixed costs. A pure monopoly has the same economic rationality of perfectly competitive companies, i.e. to optimise a profit function given some constraints. By the assumptions of increasing marginal costs, exogenous inputs' prices, and control concentrated on

12540-454: The output of commercial rivals, and during Heggessey's era the channel frequently came under attack for being too populist and not providing enough serious programming. Immediately after her arrival, Heggessey ordered a review of the "Balloon" idents the channel had been using for its between-programme idents since 1997. In her opinion, the balloon was "slow and distant" and so, on 29 March 2002, after much speculation, she decided to abandon

12672-508: The postal service as a natural monopoly: "In the face of [such] single-unit administration, the principle of competition becomes utterly abortive. The parallel network of another postal organization, beside the one already functioning, would be economically absurd; enormous amounts of money for plant and management would have to be expended for no purpose whatever." Overall, most monopolies are man-made monopolies, or unnatural monopolies, not natural ones. A government-granted monopoly (also called

12804-445: The power to raise prices in a small industry (or market). A monopoly may also have monopsony control of a sector of a market. A monopsony is a market situation in which there is only one buyer. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations in which one or

12936-426: The power to set prices or quantities although not both. A monopoly is a price maker. The monopoly is the market and prices are set by the monopolist based on their circumstances and not the interaction of demand and supply. The two primary factors determining monopoly market power are the company's demand curve and its cost structure. Market power is the ability to affect the terms and conditions of exchange so that

13068-455: The price discrimination promotes efficiency. Secondly, by the pricing scheme price = average revenue and equals marginal revenue. That is the monopolist behaving like a perfectly competitive company. Thirdly, the discriminating monopolist produces a larger quantity than the monopolist operating by a uniform pricing scheme. Successful price discrimination requires that companies separate consumers according to their willingness to buy. Determining

13200-403: The price of a product is set by a single company (price is not imposed by the market as in perfect competition). Although a monopoly's market power is great it is still limited by the demand side of the market. A monopoly has a negatively sloped demand curve, not a perfectly inelastic curve. Consequently, any price increase will result in the loss of some customers. Price discrimination allows

13332-453: The product or service less than its price, monopoly pricing creates a deadweight loss referring to potential gains that went neither to the monopolist nor to consumers. Deadweight loss is the cost to society because it is inefficient. Given the presence of this deadweight loss, the combined surplus (or wealth) for the monopolist and consumers is necessarily less than the total surplus obtained by consumers by perfect competition. Where efficiency

13464-490: The revenue maximizing quantity for the monopoly is 12.5 units and the revenue-maximizing price is 25. A company with a monopoly does not experience price pressure from competitors, although it may experience pricing pressure from potential competition. If a company increases prices too much, then others may enter the market if they are able to provide the same good, or a substitute, at a lesser price. The idea that monopolies in markets with easy entry need not be regulated against

13596-564: The rights to broadcast the show in the UK for two years. The Voice UK achieved good ratings for the BBC but ratings dropped towards the end of the first series and the second series. In 2013, The Voice UK was rescheduled to avoid a clash, and as a result, ratings have improved. In November 2015, it was announced that The Voice UK would be moving to ITV from 2017, especially because of the ITV plc ownership of franchise owner, Talpa Media . On 8 October 2013,

13728-412: The risk of losing their monopoly to new entrants. This is likely to happen when a market's barriers to entry are low. It might also be because of the availability in the longer term of substitutes in other markets. For example, a canal monopoly, while worth a great deal during the late 18th century United Kingdom, was worth much less during the late 19th century because of the introduction of railways as

13860-445: The same time continue their business. ...Monopoly, besides, is a great enemy to good management. – Adam Smith (1776), The Wealth of Nations According to the standard model, in which a monopolist sets a single price for all consumers, the monopolist will sell a lesser quantity of goods at a higher price than would companies by perfect competition . Because the monopolist ultimately forgoes transactions with consumers who value

13992-545: The satellite and terrestrial resolution was increased to full HD . BBC One HD at launch did not offer regional variations, and therefore the channel could not broadcast during regional programming slots, most noticeably the local news programmes. The BBC Trust admitted that this was due to technical and financial constraints, but the BBC announced on 6 June 2011 that the national variations of BBC One Northern Ireland, BBC One Scotland and BBC One Wales, would become available from 2012. On 24 October 2012, Northern Ireland received

14124-406: The seller divides the consumers into different groups according to their willingness to pay as measured by their price elasticity of demand. Each group of consumers effectively becomes a separate market with its own demand curve and marginal revenue curve. The firm then attempts to maximize profits in each segment by equating MR and MC, Generally the company charges a higher price to the group with

14256-555: The series as "a joyful, exuberant reinvention and a fine legacy from Ms Heggessey." Heggessey did later concede in a 2005 interview with The Independent newspaper that arts programming had suffered a cutback under her control of BBC One. However, she did respond to this omission following criticism from the Board of Governors of the BBC by commissioning programmes such as the arts documentary series Imagine... (2003–present) and A Picture of Britain (2005). On 14 February 2005 it

14388-464: The series in September 2003, after Heggessey had spent two years persuading the BBC's commercial arm, BBC Worldwide , to abandon their attempts to make a feature film version of the programme and allow it to instead return it to BBC One. The new version of Doctor Who (2005–present) debuted on 26 March 2005 and became a critical and popular hit, with Paul Hoggart of The Times newspaper describing

14520-479: The strategy of experimenting with the BBC One schedule. This he continued in January 2007, when he moved the current affairs series Panorama from its Sunday night slot back to the prime time Monday evening slot from which it had been removed in 2000, most likely in response to a demand from the Board of Governors of the BBC for the channel to show more current affairs programming in prime time. Fincham's judgement

14652-638: The student may have been able to purchase at the Ethiopian price. Similarly, a wealthy student in Ethiopia may be able to or willing to buy at the U.S. price, though naturally would hide such a fact from the monopolist so as to pay the reduced third world price. These are deadweight losses and decrease a monopolist's profits. Deadweight loss is considered detrimental to society and market participation. As such, monopolists have substantial economic interest in improving their market information and market segmenting . There

14784-430: The study of management structures, which directly concerns normative aspects of economic competition, and provides the basis for topics such as industrial organization and economics of regulation . There are four basic types of market structures in traditional economic analysis: perfect competition , monopolistic competition , oligopoly and monopoly. A monopoly is a structure in which a single supplier produces and sells

14916-533: The surviving episodes are at least two from 1953, It Is Midnight, Dr. Schweitzer and The Lady from the Sea . A recording of the soundtrack of the production of Requiem for a Heavyweight broadcast in March 1957, which features Sean Connery in the lead role, was recovered in 2014. This article related to a BBC television programme is a stub . You can help Misplaced Pages by expanding it . BBC One The channel

15048-442: The team. The three basic forms of price discrimination are first, second and third degree price discrimination. In first degree price discrimination the company charges the maximum price each customer is willing to pay. The maximum price a consumer is willing to pay for a unit of the good is the reservation price. Thus for each unit the seller tries to set the price equal to the consumer's reservation price. Direct information about

15180-467: The time Michael Grade and Jonathan Powell were blamed for the decision (Grade was the target of death threats ) but it was later revealed that the decision was taken due to the series running out of creative inspiration, making it impossible to find anyone (at the time) who knew what to do with the series. On 9 September 1985, the long-standing children's programming block was overhauled and rebranded as Children's BBC , which gave it dedicated idents for

15312-442: The vast majority of children in the UK already tune in to CBeebies and CBBC to find their favourite BBC children's programmes. Far from being a 'cynical' move, we're just following where our audience has already gone." As part of the review in 2012 other changes were brought in, including: In 2012, the BBC out-bid ITV for the rights to air a British version of Dutch TV talent show The Voice . The BBC paid £22 million for

15444-407: The venture for itself, thus forming a government monopoly , for example with a state-owned company . Monopolies may be naturally occurring due to limited competition because the industry is resource intensive and requires substantial costs to operate (e.g., certain railroad systems). Market structure is determined by following factors: In economics, the idea of monopolies is important in

15576-433: The weeks leading up to 15 November 1969, BBC1 unofficially transmitted the occasional programme in its new colour system in order to test it. At midnight on 15 November, simultaneously with ITV and two years after BBC2 had done so, BBC1 officially began 625-line PAL colour programming on UHF with a broadcast of a concert by Petula Clark . Colour transmissions could be received in monochrome via monochrome 625-line sets until

15708-546: The word "The" and moved into the BBC logo. Each new campaign incorporating the theme retained the same animated sequence. In May 2007, Fincham decided to drop Neighbours , an Australian soap opera, from BBC One after 21 years on the channel, when its producers, FremantleMedia significantly raised the price they wanted the BBC to pay for it in a bidding war. Fincham commented that it was 'a big loss', but that BBC One would not pay 'the best part of £300 million'. Neighbours left

15840-454: The £18 million salary that the BBC paid Jonathan Ross in 2006, although Ross's BBC One work—primarily consisting of Friday Night with Jonathan Ross —formed only part of his overall BBC commitment. The channel was named Channel of the Year at the 2007 Broadcast Awards. Following its rebrand in March 2002, BBC One launched The One to Watch campaign, during which animated blocks created

15972-438: Was again called into question, this time by The Telegraph , for his decision to spend £1.2 million replacing the channel's 'Rhythm and Movement' idents , which had been introduced by his predecessor Lorraine Heggessey several years earlier, with the 'Circle' idents , a set of eight ten-second films, some of which were shot abroad in locations such as Mexico and Croatia. Fincham later found himself having to publicly defend

16104-518: Was announced that Lorraine Heggessey was to leave the BBC to take up the post of Chief Executive at production company Talkback Thames . She left on 15 April. Five months after her departure, BBC One was named "Channel of the Year" at the Edinburgh Television Festival , primarily on the strength of Heggessey's commissions such as Strictly Come Dancing and Doctor Who . Joining the channel as Controller in 2005, Peter Fincham oversaw

16236-430: Was broadcast for the last time after being on air for 14 years. On 27 October 1986, BBC1 launched its daytime television schedules. In a statement, BBC Daytime head Roger Laughton said: It was the natural extension of the corporation's commitment to public service broadcasting, since half the population had access to television during the day mainly the retired, unemployed and housewives. Stereo audio transmissions, using

16368-505: Was head of BBC Sport prior to 1981. The first major overhaul was to axe the unpopular Sixty Minutes current affairs programme: this was a replacement for the news and magazine show Nationwide . Its replacement was the BBC Six O'Clock News , a straight news programme in a bid to shore up its failing early evening slot. It was believed the BBC were planning to cut short the evening news and move more light entertainment programming in from

16500-601: Was in comparison lacking in serious programming. BBC Television became BBC1 when BBC2 launched on 20 April 1964, transmitting an incompatible 625-line image on UHF . The only way to receive all channels was to use a complex "dual-standard" 405- and 625-line receiver with both a VHF and a UHF aerial (405-line-only sets became obsolete in 1985 when VHF transmissions ended). BBC1 moved to purpose-built facilities at Television Centre on 20 September 1969. Television News continued to use Alexandra Palace as its base and by early 1968 had even converted one of its studios to colour. In

16632-487: Was just a case of where to put them." Wogan had been scheduled for a 10 pm slot, but Grade moved it to a 7 pm slot as he believed the show had potential. From February to August 1985, a high number of American mini-series were broadcast while filming took place of a number of new home grown programmes, including 'Allo 'Allo! , In Sickness and in Health , and Open All Hours . Further improvement came about when

16764-434: Was launched on 2 November 1936 under the name BBC Television Service , which was the world's first regular television service with a high level of image resolution . It was renamed BBC TV in 1960 and used this name until the launch of the second BBC channel, BBC2 , in 1964. The main channel then became known as BBC1. The channel adopted the current spelling of BBC One in 1997. The channel's annual budget for 2012–2013

16896-418: Was made clear "Children's programmes are absolutely fundamental to the BBC and that is why we have protected investment in them in the light of cuts elsewhere." Children's programming on BBC One ended on 21 December 2012. The move was criticised by Teletubbies co-creator Anne Wood , who described the changes as "ghettoising children's programmes" and believe it was merely a cost-cutting measure. Wood said "On

17028-485: Was moved to a 19:30 slot, where it managed to soar to 20 million, helping the BBC1 audience share increase to nearly 50% for the first time since 1982. On 27 February 1985, Doctor Who was placed on an 18-month hiatus. The BBC originally planned to axe the series as they wished to spend its budgets on new programming for the channel, but was forced to back down from public pressure and Doctor Who returned in September 1986. At

17160-605: Was swapped with the SD channel on Sky's EPG for HD subscribers. This was followed by the Welsh and Scottish variants on 10 December. On 24 March 2014, BBC One Scotland, Wales and Northern Ireland HD launched on Freesat, Sky and Virgin Media outside the regions they were originally seen in. On 31 March 2016, BBC One HD in England moved from channel 141 on the Sky electronic programme guide to channel 115,

17292-579: Was used in the 1914 book Social Economics written by Friedrich von Wieser. As mentioned, government regulations are frequently used with natural monopolies to help control prices. An example that can illustrate this can be found when looking at the United States Postal Service, which has a monopoly over types of mail. According to Wieser, the idea of a competitive market within the postal industry would lead to extreme prices and unnecessary spending, and this highlighted why government regulation in

17424-409: Was £1.14 billion. It is funded by the television licence fee together with the BBC's other domestic television stations and shows uninterrupted programming without commercial advertising. The television channel had the highest reach share of any broadcaster in the United Kingdom as at 2019, ahead of its traditional rival for ratings leadership ITV . In 2013, a major global study of the BBC by

#4995