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Understanding Monopolies in a Market Economy


Understanding Monopolies in a Market Economy

Understanding Monopolies in a Market Economy

Learn more about monopolies and their role in economics.


Students: 579
Course Description

A monopoly exists when one particular business is the only supplier of a commodity or service within any particular sector of the economy. This is a very important concept to understand as to monopolize a market means that a business has significant market power and can charge higher prices.
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In this free online economics course you will learn about the characteristics of a monopoly, when monopolies might occur, and the economic and financial implications of a business having a monopoly in a particular commodity or service sector. You will learn how monopolies optimize prices. Concepts such as total revenue, marginal revenue, and dead weight loss are clearly explained. Monopolies are also contrasted with oligopolies where a market or industry is dominated by a small number of businesses and where the decisions of one business influence the decisions made by the other businesses. This free online economics course will be of great interest to all professionals in areas such as economics, finance, business and politics who would like to learn more about the economic and financial implications of monopolies existing within any business sector, and to all learners who would like learn more about how monopolies operate within a market.

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Certification

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Learning Outcomes

Learning outcomes: - Understand what a monopoly is; - Understand how a monopoly can influence a market; - Be able to explian concepts such as total revenue, marginal revenue and dead weight loss; - Compare and contrast monopolies and oligopolies;


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Module Title
Module 1: Understanding Monopolies in a Market Economy
Module 2: Monopolies in Market Economics Assessment

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Background  
Course Rating (By Learners)
Course Title Understanding Monopolies in a Market Economy
Course # 560
Course Publisher Khan Academy
Course Category 2
Content Origin
Course Description  A monopoly exists when one particular business is the only supplier of a commodity or service within any particular sector of the economy. This is a very important concept to understand as to monopolize a market means that a business has significant market power and can charge higher prices. In this free online economics course you will learn about the characteristics of a monopoly, when monopolies might occur, and the economic and financial implications of a business having a monopoly in a particular commodity or service sector. You will learn how monopolies optimize prices. Concepts such as total revenue, marginal revenue, and dead weight loss are clearly explained. Monopolies are also contrasted with oligopolies where a market or industry is dominated by a small number of businesses and where the decisions of one business influence the decisions made by the other businesses. This free online economics course will be of great interest to all professionals in areas such as economics, finance, business and politics who would like to learn more about the economic and financial implications of monopolies existing within any business sector, and to all learners who would like learn more about how monopolies operate within a market.
License  This course is available from Khan Academy OpenCourseWare through the following Creative Commons licence:
Creative Commons License
Release Date 15 November 2012
   
Content  
Course Duration (Avg Learner) 1-2 Hours
Video/Audio High
Audio Only High
Animation None
Assessments Yes
 
Education Level
Age appropriateness 16+ Years
Minimum Grade/Class Level Higher High Secondary School
 
Validation Level 5
ALISON Testing Yes
Certification Availability
PDF Download Yes
Parchment Yes
Framed Certification Yes
   
Merchandise Availability
Marketing Information
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  • Katarzyna Błaszczyk Poland Because of presenting information in a very understandable way, the course was a great adventure with economics! It was a pleasure to attend it. Thank you! 2014-11-08 19:11:11
  • victor Iroegbu Nigeria It was trully fulfilling and i was able to absorb so much and learnt about new possibilities of monopolies 2014-07-17 11:07:54
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