Managerial Economics | Competition and Monopoly | Free Course | Alison
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Managerial Economics - Monopoly and Perfect Competition

In this free online course, learn about perfect competition and monopolies, and how they operate in various markets.

Economics
Free Course
How is the concept of ‘the market’ connected to perfect competition and monopolies? In this free online economics course, you will learn about their relationship and also about long-run equilibrium plus competition in the stock and credit card markets. Study how monopolies maximize their profits, different forms of monopoly and the concept of monopolistic power.
  • Duration

    3-4 Hours
  • Certification

    Yes
  • Mobile Friendly

    Yes
  • Publisher

    NPTEL
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

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.

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Learning Outcomes

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

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.

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