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Understanding Monopolies in a Market Economy Free Course

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  • Description
  • Outcome
  • Certification
  • 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;

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Modules List( 2 )
  • UNDERSTANDING MONOPOLIES IN A MARKET ECONOMY
  • Module 1: Understanding Monopolies in a Market Economy
    • Monopoly Basics
    • Review of Revenue and Cost Graphs for a Monopoly
    • Monopolist Optimizing Price - Total Revenue
    • Monopolist Optimizing Price - Marginal Revenue
    • Monopolist Optimizing Price - Dead Weight Loss
    • Optional Calculus Proof to Show that MR has Twice Slope of Demand
    • Oligopolies and Monopolisitc Competition
    • Monopolistic Competition and Economic Profit
  • END OF COURSE ASSESSMENT
  • Module 2: Monopolies in Market Economics Assessment
    • Monopolies in Market Economics Assessment
Topics List ( 1 )
Module 2: Monopolies in Market Economics Assessment
You must score 80% or more to pass this assessment.
Course Features
  • Duration

    1-2 Hours

  • Publisher

    Khan Academy

  • Video

    Yes

  • Audio

    Yes

  • Assessment

    Yes

  • Certification

    Yes

  • Price

    Free

  • Reward

    50 Pts

  • Responsive

    No

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