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Microeconomics: Competition in the Marketplace

Economics
Free Course
A competitive marketplace is what provides us with the wide variety of goods we see today - from an array of budget breakfast cereals to look-alike designer clothes. A company's desire to maximize profit and the consumer's quest for the best deal fuel an ever changing and improving marketplace. This course, Microeconomics: Competition in the Marketplace, will teach you all the aspects of competition in the marketplace.
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Description

Outcome

Certification

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Description

This course will first introduce you to externalities, which are a form of market failure that fall on bystanders. You will look into the types of costs as well as the Pigouvian tax, which is a tax on a good with an external cost. You will learn how firms maximize profits and that in a competitive market, a firm has no control over its price because the market determines the price.

You will then learn the properties of the invisible hand as well as the elimination principle on profits, including their implications. You will look into monopolies and learn how monopolists have market power. You will look into the low elasticity of demand as well as patent. The course will teach you why patents can be particularly important in industries such as pharmaceuticals.

Having an in-depth understanding of the competition in the marketplace can help every business entrepreneur or manager devise a strategy that will benefit their organization as well as satisfy their customers' needs and wants. This course is the third in a series of four courses on Microeconomics, so if you have finished the courses Microeconomics: Supply, Demand, and Equilibrium as well as the Microeconomics: Price and Trade, take this course now and continue learning about microeconomics.

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Learning Outcomes

After completing this course, you will be able to:


  • Define private, external, social costs and Pigouvian taxes.
  • Discuss externalities, both costs and benefits.
  • Explain social surplus, fixed costs, variable costs, marginal costs, zero costs, and sunk costs.
  • Compare increasing, decreasing, and constant cost industries.
  • Discuss when it is best to enter or exit an industry.
  • Explain the properties of the invisible hand.
  • Discuss creative destruction.
  • Define the elimination principle.
  • Discuss how monopolies create markups.

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 official Certification, which is a great way to share your achievement with the world. Your Alison Certification 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 Certification 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 Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, 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 Certification pricing, please visit our Pricing Page.

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