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The Power of Markets II: Market Structure and Firm Behavior
  • Level Professional
  • Duration 8 hours
  • Course by University of Rochester
  • Offered by

About

In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.

Modules

Lesson 13

    • 5 Videos
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5 Videos

  • Production in the Short Run
  • Total, Average, and Marginal Product Curves
  • The Law of Diminishing Marginal Returns
  • Production in the Long Run
  • Trading Off Inputs in Production

Lesson 14

    • 3 Videos
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3 Videos

  • Returns to Scale
  • Short-run Cost of Production
  • The Relationship Between Cost Curves

Review 5 - Production

    • 1 Assignment
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1 Assignment

  • Week 5 Quiz

Lesson 15

    • 3 Videos
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3 Videos

  • Marginal-Average Cost Relationships
  • The Golden Rule of Cost Minimization
  • Applying the Golden Rule of Cost Minimization

Lesson 16

    • 3 Videos
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3 Videos

  • Long Run Cost Curves
  • The Importance of Cost Curves to Market Structure and Efforts to Abate Pollution
  • Perfect Competition: Key Assumptions

Lesson 17

    • 3 Videos
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3 Videos

  • Short-run Profit Maximization
  • The Competitive Firm’s Short-Run Supply Curve and the Shutdown Condition
  • Output Response to Input Price Changes

Review Week 6 - Cost Minimization

    • 1 Assignment
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1 Assignment

  • Week 6 Quiz

Lesson 18

    • 4 Videos
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4 Videos

  • Short-run Competitive Equilibrium
  • Long-run Competitive Equilibrium
  • The Long-run Industry Supply Curve
  • Key Points About the Long-run Industry Supply Curve

Lesson 19

    • 3 Videos
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3 Videos

  • Producer Surplus
  • Competition Maximizes Total Surplus
  • Who Bears the Burden of Excise Taxes?

Lesson 20

    • 3 Videos
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3 Videos

  • The Deadweight Loss of Excise Taxes
  • City Taxicab Markets
  • The Net Gains From Trade

Review Week 7 - Profit Maximization in Perfectly Competitive Markets

    • 1 Assignment
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1 Assignment

  • Week 7 Quiz

Lesson 21

    • 4 Videos
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4 Videos

  • Monopoly: An Introduction
  • Monopoly and Profit Maximization
  • Monopoly Price and Its Relationship to Elasticity of Demand
  • Further Implications of Monopoly Analysis

Lesson 22

    • 4 Videos
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4 Videos

  • The Measurement and Sources of Monopoly Power
  • The Sources of Monopoly Power
  • The Efficiency Effects of Monopoly
  • Public Policy Toward Monopoly

Lesson 23

    • 2 Videos
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2 Videos

  • Price Discrimination
  • Three Necessary Conditions for Price Discrimination

Review Week 8 - Monopoly Power: Its Sources and How to Use It

    • 1 Assignment
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1 Assignment

  • Week 8 Quiz

Auto Summary

Discover how firms optimize profit in "The Power of Markets II: Market Structure and Firm Behavior," a professional-level course in Business & Management by Coursera. This 480-minute module explores cost-effective production and strategic pricing in both competitive and imperfect markets. Subscription options include Starter and Professional, making it ideal for professionals aiming to deepen their understanding of market dynamics.

Mark Zupan
Instructor

Mark Zupan