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Understanding Monopolies in a Market Economy

Economics
Free Course
Learn more about monopolies and their role in economics.
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  • Duration

    1-2 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Publisher

    Khan Academy

Description

Outcome

Certification

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Description

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 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 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.

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Learning Outcomes

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.

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:

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An incentive for you to continue empowering yourself through lifelong learning

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Course Reviews

Kaustav C.
2 years ago
IN
Kaustav C.

Helpful to understand basics of the market. Ideal for those who are totally new in this section.

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