Managerial Economics - Monopoly and Perfect Competition
In this free online course, learn about perfect competition and monopolies, and how they operate in various markets.
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This economics course covers perfect competition and monopolies. It begins by explaining the notions of ‘competition’ and ‘the market’. You will be taught about the economic analysis of perfect competition, a theoretical market structure in which several ideal conditions are met by producers and buyers that is also known as ‘atomistic competition’. The material will break down the supply curves of markets and firms, and will address the idea of long-run equilibrium and whether profits can always be sustained.
As you progress through the course, you will also be taught about monopoly markets, in which a single seller sells a product that has no close substitute. The various types of monopoly will be covered and you will be taught how a monopoly firm maximises its profit. By the end of the course, the concept of ‘monopoly power’ will be explained, and the various methods used to measure it will be highlighted.
This course unravels some of the fundamental concepts of managerial economics, specifically perfect competition and monopoly markets. It will benefit business and sales managers, allowing them to understand how to operate in different market conditions. Students in any commercial fields and those specialising in economics or finance will find this course particularly useful.Start Course Now
The Perfect Competition
The Perfect Competition – Learning Outcomes
The Concept of Market
Analysing the Perfect Competition
The Supply Curves
Perfect Competiton in the Real World.
The Perfect Competition – Lesson Summary
Monopoly – Learning Outcomes
Types of Monopoly
Monopoly and Shifts
Social Cost and Regulation of Monopoly Power
Bilateral Monopoly and Monopolistic Competition
Monopoly – Lesson Summary
Upon successful completion of this course, you will be able to:
- Discuss the concept of 'the market'
- Categorize the various types of market
- Explain long-run equilibrium
- List the characteristics of perfect competition
- Discuss perfect competition in the real world
- Discuss monopoly
- List the characteristics of monopoly
- Explain monopoly power
- Contrast monopoly to perfect competition
- Explain product pricing
- Define 'monopsony'
- List the types of monopoly markets
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