This lesson explores the four types of markets: monopoly, oligopoly, monopolistic competition, and pure competition. This lesson will focus on describing markets that fit the definition of monopoly and pure competition, the revenue curves and profit policies of each, and the relationship between price and supply and demand.
Topics covered in this lesson:
- The four types of markets
- Pure competition (perfect competition)
- Revenue, profit, supply, and demand in pure competition
- Pros and cons of pure competition
- Revenue, profit, supply, and demand in a monopoly
- Pros and cons of a monopoly
- Regulation of monopolies
For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course. You will research and find an article that covers the topic you have chosen. You can use an article online or offline from any reputable source. You will write up a review of the article and integrate course concepts into your review. Please make sure you both summarize the article and discuss how it relates to the course.Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.