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In class-based programming, a factory is an abstraction of a constructor of a class, while in prototype-based programming a factory is an abstraction of a prototype object. A constructor is concrete in that it creates objects as instances of one class, and by a specified process (class instantiation), while a factory can create objects by instantiating various classes, or by using other ...
In object-oriented programming, the factory method pattern is a design pattern that uses factory methods to deal with the problem of creating objects without having to specify their exact classes. Rather than by calling a constructor , this is accomplished by invoking a factory method to create an object.
The clearest example is a monopoly, where a single producer has complete control over supply and can extract a monopoly price. An oligopoly - a small number of producers - can also sustain an undersupply if no producers attempt to gain market share with lower prices at higher volume. Lack of supply competition can arise in many different ways:
15 biggest public companies in the world heading into 2021. 15 biggest steel companies in the world. Disclosure: No position. 12 most famous monopolies of all time is originally published at ...
A monopoly produced through vertical integration is called a vertical monopoly: vertical in a supply chain measures a firm's distance from the final consumers; for example, a firm that sells directly to the consumers has a vertical position of 0, a firm that supplies to this firm has a vertical position of 1, and so on. [2]
The abstract factory pattern in software engineering is a design pattern that provides a way to create families of related objects without imposing their concrete classes, by encapsulating a group of individual factories that have a common theme without specifying their concrete classes. [1]
Cars are a good example here; they are very different yet in direct competition with each other. This means there will be some customer loyalty, which allows for some flexibility for the firm to move to a higher price. In other words, not all of a firm's customers would leave for other products if the firm raised its prices. 2.
Different economists have different views about what events are the sources of market failure. Mainstream economic analysis widely accepts that a market failure (relative to Pareto efficiency) can occur for three main reasons: if the market is "monopolised" or a small group of businesses hold significant market power, if production of the good or service results in an externality (external ...