5. Study § 5.1 in Essential Grammar.

6. Find the sentences with the Complex Object. Translate them into Russian.

1. Competition in business is the effort of two or more parties to secure the business of a third party by offering the most faVorable terms.

2. Competition causes commercial firms to develop new products, services, and technologies.

3. Honestly evaluating your competition will enable you to know how best to distinguish your company in the consumer’s eyes.

4. A perfectly competitive market is a market in which every firm is too small to affect the market price.

5. It is possible to distinguish in practice four kinds of monopoly.

6. Because a single firm controls the total supply in a pure monopoly, it is able to exert a significant degree of control over the price.

7. To illustrate the increased productivity of specialization, Adam Smith provided the classical example of pinmaking.

8. When a complex process has been broken down into a series of separate, simple processes it is possible to devise machinery to carry out each individual operation.

9. Economists believe specialization to lead to great increases in productivity.

10. Modern technology together with the division of labor has given people the opportunity to lead fuller and richer lives.

11. We know some factories to have tried to abolish the assembly line.

12. The worker is unlikely to exercise initiative, judgement, manual skills, or responsibility.

7. Translate the following sentences from English into Russian. Pay attention to the Complex Object.

1. I like the saleswomen to smile.

2. She hates workers to argue with her.

3. Nobody likes his salary to be small.

5. He hates the company assets to be checked.

6. Every owner likes revenues to overcome costs.

7. They always make me phone the accountant in the morning.

8. Large revenue made us risk the company reputation.

9. She wanted me to evaluate the firm’s activity.

11. The government wants marginal costs to be calculated.

12. We don’t want the mining industry to be fully destroyed.

14. They want their output to jump next year.

8. Explain the use of articles in the following sentences. Translate the sentences into Russian.

1. In a perfect market competition is unrestricted.

2. The strict definition of a perfectly competitive market is a market in which every firm is too small to affect the market price.

3. If a firm can appreciably affect the market price of its output, then the firm is classified as an “imperfect competitor”.

4. State planning means that government has the monopoly of important goods and services.

5. A different kind of monopoly arises when a country control over major natural resources, e.g. the Egyptian ownership of the Suez Canal.

6. Only in the case of franchised local services is there truly a single seller of a service.

9. Find in the text “monopolies and competition” 1) the –ing forms and define their part of speech. 2) State the tense forms of the predicates in the text.

10. Read the text “MONOPOLIES AND COMPETITION” and translate it into Russian.

Vocabulary and Comprehension Exercises

11. Give Russian equivalents.

In the consumer’s eyes; objective features; the internal strength of your competitors’ companies; highly motivated or creative personnel; distinguish in practice; the postal services; within their borders; franchised local services; honestly evaluating.

12. Give English equivalents.

Лучше понять; значительные финансовые ресурсы; свободная конкуренция; слишком маленький, чтобы; несовершенная конкуренция; абсолютный контроль над; товар-заменитель; потребительские предпочтения; оценить внутренний потенциал; рыночная цена.

13. Choose synonyms (antonyms) from the following list.

Different, to influence, to distinguish, important, major, producer, to estimate, external, to permit, preference, restricted, complete control, to secure, to restrict, to affect, essential, maker, to evaluate, to guard, internal, likes and dislikes, absolute control, to limit, various, to differ, main, manufacturer, to forbid, unrestricted, to guarantee.

14. Insert prepositions.

A. 1. It is necessary to enable you to know how best to distinguish your company … the consumer’s eyes.

2. The components … consumer preference include the objective features … your product or service.

3. Imperfect competition prevails … an industry whenever individual sellers have some measure … control … the price of output …that industry.

4. A monopoly may arise … a variety of different cases.

5. Only … the case of franchised local services is there truly a single seller of a service …no close substitute.

6. Even isolated monopolists must reckon … competition … other industries.

7. … the long run, no monopolist is completely secure … attack … competitors.

B. Two or more companies which sell or manufacture the same product are competitors (or rivals). They are … competition and they compete … customers. In order to sell more goods than its rivals, a company must be competitive. It is important to keep ahead of the competition by selling at competitive prices. If one company has an advantage … its competitors (for example a cheaper or better product) it gives them an edge … the market.