The Power of Markets II: Market Structure and Firm Behavior
Learn how firms maximize profits in various market structures, from perfect competition to monopoly.
Learn how firms maximize profits in various market structures, from perfect competition to monopoly.
This course, the second module of the Power of Markets series, explores how firms maximize profits by optimizing production and pricing strategies. It covers key concepts in microeconomics, including production theory, cost minimization, and market structures ranging from perfect competition to monopoly. Students will learn how firms convert inputs into outputs, minimize costs, and determine optimal price-output levels in different competitive environments. The course emphasizes practical applications of economic theory to real-world business decisions and policy issues. Through a mix of video lectures, quizzes, and assignments, participants will gain a deep understanding of firm behavior and market dynamics, essential for business strategy and economic analysis.
4.7
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What you'll learn
Understand how firms convert inputs into outputs in both short-run and long-run scenarios
Master the concepts of cost minimization and apply them to real-world business situations
Analyze profit maximization strategies in perfectly competitive markets
Explore the sources and implications of monopoly power in imperfect markets
Evaluate the efficiency effects of different market structures
Understand the principles of price discrimination and its economic impacts
Skills you'll gain
This course includes:
329 Minutes PreRecorded video
4 quizzes
Access on Mobile, Tablet, Desktop
FullTime access
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There are 4 modules in this course
This course delves into the intricacies of firm behavior and market structures, building on foundational microeconomic principles. It begins by examining how firms convert inputs into outputs, exploring concepts such as short-run and long-run production, returns to scale, and cost curves. Students then learn about cost minimization strategies and their importance in different market structures. The course progresses to analyze profit maximization in perfectly competitive markets, covering both short-run and long-run equilibria, and the efficiency of competitive markets. Finally, it explores monopoly power, its sources, and its economic implications, including price discrimination and public policy responses to monopolies. Throughout, the course emphasizes the practical application of these concepts to real-world business decisions and economic policy issues.
Week 5 - Production
Module 1 · 1 Hours to complete
Week 6 - Cost Minimization
Module 2 · 1 Hours to complete
Week 7 - Profit Maximization in Perfectly Competitive Markets
Module 3 · 2 Hours to complete
Week 8 - Monopoly Power: Its Sources and How to Use It
Module 4 · 2 Hours to complete
Fee Structure
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Instructor
Leadership in Business Education and Expertise in Economics
Dean Zupan has led the Simon School of Business since January 2004, overseeing its academic and administrative functions while advocating for faculty, students, and programs in the business community. Prior to Simon, Zupan served as Dean of the Eller College of Management at the University of Arizona, where he drove innovation, community outreach, and fundraising success. His academic career includes teaching positions at the University of Southern California, Harvard, and Dartmouth. Zupan’s research spans water policy, political economy, and industrial organization. He has co-authored influential books and published widely in leading economic journals. Zupan holds a BA in Economics from Harvard and a PhD in Economics from MIT.
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4.7 course rating
113 ratings
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