Firms and Market Structure · Microeconomics

Perfect Competition and Monopoly

Comparing the theoretical extremes of market power and their implications for consumer surplus.

Key Questions

  1. 1What prevents new competitors from entering a highly profitable market?
  2. 2How does a monopolist balance the trade-off between higher prices and lower volume?
  3. 3To what extent does perfect competition exist in the real world?

MOE Syllabus Outcomes

MOE: Firms and Decisions - JC1MOE: Market Structures - JC2
Level: JC 2
Subject: Economics
Unit: Firms and Market Structure
Period: Microeconomics

Suggested Methodologies

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