Understanding Monopolies in a Market Economy
ID: 560 | Video: High | Audio: High | Animation: None
Equivalent to FETAC: Level 5 | Equivalent to QCF (UK): Level 3
Learn more about monopolies and their role in economics.
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.
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;