Free microeconomics course on monopolies and competition
Learn about microeconomics for free – including tradeable allowances, the Coase Theorem, maximizing profits, monopolies and the invisible hand of the market.
This free online microeconomics course teaches you about competition in the marketplace. Competitive marketplaces are what provide us with the wide variety of goods we see today – from our array of budget breakfast cereals to designer clothes. In this course, you will learn about how a company’s desire to maximize profit and the consumer’s quest for the best deal fuel an ever-changing marketplace.
What You Will Learn In This Free Course
Externalities
In this module, learn about externalities and their costs. Learn about private, external, and social costs. Then, learn about the effects of Pigouvian taxes. Lastly, learn about command and control and the coase theorem.
Costs and Profit Maximization Under Competition
In this module, learn how companies maximize profits in a competitive marketplace. Then, learn about who really controls the prices of goods and services. Lastly, learn about profit: learn how to calculate total revenue, how to predict profit, and how to minimize losses.
Competition and the Invisible Hand
In the module, you will be introduced to the concept of the Invisible Hand. Learn about balancing production with costs. Then, learn about the processes of creative destruction and the elimination principle, two processes that form the competitive marketplace.
Monopoly
In this module, you will learn about monopolies, in particular you will learn about monopolies in the pharmaceutical industry. Learn about the costs and benefits of monopolies. Then, explore the possible results of the elimination of parents in industries with high R&D costs: will this result in less innovation?
Course assessment
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