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Course Policies Essay

539 words - 3 pages

Week Three Student Guide

In the third week, you will learn about the four market structures—pure or perfect competition; monopoly, monopolistic competition, and oligopoly—and the implications of the market structures for competitive strategies and profit maximization. You will participate in discussions that compare various market structures and their characteristics, evaluate the effectiveness of competitive strategies in market structures, and determine profit-maximizing strategies based on a market structure analysis. The topics incorporate Week One material related to market outcomes and prices & Week Two concepts, which focused on productivity and costs.

This week includes activities that lead you to identify the market structure firms compete in and the factors that lead to these determinations. They also allow you to evaluate the effect of market structure on profit maximization in the short and long run. You ...view middle of the document...

Market Structure

OBJECTIVE: Compare various market structures and their characteristics.

Resources: Ch. 3, 15, & 16 of Economics

Content

• Ch. 3: Economic Institutions

o The U.S. Economy in Historical Perspective
o The U.S. Economy
o Global Institutions

• Ch. 15: Monopoly

o The Key Difference between a Monopolistic and a Perfect Competitor
o A Model of Monopoly
o Profits and Monopoly
o The Welfare Loss from Monopoly
o The Price-Discriminating Monopolist
o Barriers to Entry and Monopoly
o Normative Views of Monopoly
o Government Policy and Monopoly: AIDS Drugs

• Ch. 16: Monopolistic Competition and Oligopoly

o Characteristics of Monopolistic Competition
o Output, Price, and Profit of a Monopolistic Competitor
o Characteristics of Oligopoly
o Models of Oligopoly Behavior
o Classifying Industries and Markets in Practice
OBJECTIVE: Evaluate the effectiveness of competitive strategies within market structures.

Resource: Ch. 14 of Economics

Content

• Ch. 14: Perfect Competition

o A Perfectly Competitive Market
o The Profit-Maximizing Level of Output
o Total Profit at the Profit-Maximizing Level of Output
o Short-Run Market Supply and Demand
o Long-Run Competitive Equilibrium
o Adjustment from the Short Run to the Long Run

OBJECTIVE: Determine profit-maximizing strategies based on market structure analysis.

Resources: Ch. 15 & 16 of Economics

Content

• Ch. 15: Monopoly

o The Key Difference between a Monopolistic and a Perfect Competitor
o A Model of Monopoly
o Profits and Monopoly
o The Welfare Loss from Monopoly
o The Price-Discriminating Monopolist
o Barriers to Entry and Monopoly
o Normative Views of Monopoly
o Government Policy and Monopoly: AIDS Drugs

• Ch. 16: Monopolistic Competition and Oligopoly

o Characteristics of Monopolistic Competition
o Output, Price, and Profit of a Monopolistic Competitor
o Characteristics of Oligopoly
o Models of Oligopoly Behavior
o Classifying Industries and Markets in Practice

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