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.

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

  • Mobile Friendly

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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.

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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


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