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The Power of Markets III: Input Markets and Promoting Efficiency
  • Level Professional
  • Duration 8 hours
  • Course by University of Rochester
  • Offered by

About

The final module of the Power of Markets course begins by further exploring firm behavior in imperfectly competitive market settings: how firms with monopoly power can increase profits through price discrimination; and the price-output combinations we can expect firms to select in cases of monopolistic competition and oligopoly. We will also analyze monopolies from an efficiency perspective and look at the effects of imperfect information on firm and consumer behavior. We will next turn to exploring input markets and what determines the demand for an input by a firm, an industry, and the overall market. We will also look at the factors that affect input supply and how the supply of an input interacts with demand to determinant input prices. We will use input market theory to analyze institutions and government policies such as the NCAA sports cartel, the minimum wage, Social Security, and immigration. Finally, we will address the concept of market efficiency and what government can do to promote it as well as how government intervention may diminish it.

Modules

Lesson 24

    • 2 Videos
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2 Videos

  • Intertemporal Price Discrimination and Peak-Load Pricing
  • Two-Part Tariffs

Lesson 25

    • 3 Videos
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3 Videos

  • Monopolistic Competition
  • Oligopoly and the Cournot Model
  • The Dominant Firm Model

Lesson 26

    • 3 Videos
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3 Videos

  • Cartels and Collusion
  • OPEC
  • Game Theory

Lesson 27

    • 2 Videos
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2 Videos

  • Prisoner’s Dilemma
  • Repeated Games

Review Week 9 - Product Pricing With Monopoly Power

    • 1 Assignment
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1 Assignment

  • Week 9 Quiz

Lesson 28

    • 3 Videos
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3 Videos

  • Asymmetric Information
  • Adverse Selection and Moral Hazard
  • Limited Price Information and Advertising

Lesson 29

    • 3 Videos
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3 Videos

  • The Size of the Deadweight Loss of Monopoly
  • Do Monopolies Suppress Innovations?
  • Natural Monopoly

Lesson 30

    • 3 Videos
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3 Videos

  • More on Game Theory: Iterated Dominance and Commitment
  • The Input Demand Curve of a Competitive Firm
  • Industry and Market Demand Curves for an Input

Review Week 10 - Monopolistic Competition and Oligopoly

    • 1 Assignment
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1 Assignment

  • Week 10 Quiz

Lesson 31

    • 4 Videos
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4 Videos

  • The Supply of Inputs
  • Industry Determination of the Price and Employment of Inputs
  • Input Price Determination in a Multi-Industry Market
  • Input Demand and Employment by an Output Market Monopoly

Lesson 32

    • 3 Videos
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3 Videos

  • Monopsony in Input Markets
  • The Income-Leisure Choice of the Worker
  • The Supply of Hours of Work

Lesson 33

    • 3 Videos
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3 Videos

  • The General Level of Wage Rates and Why Wages Differ
  • Economic Rent
  • Monopoly Power in Input Markets: Unions

Review Week 11 - The Market for Inputs

    • 1 Assignment
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1 Assignment

  • Week 11 Quiz

Lesson 34

    • 3 Videos
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3 Videos

  • The Minimum Wage
  • Who Really Pays for Social Security?
  • The NCAA Cartel

Lesson 35

    • 3 Videos
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3 Videos

  • The Benefits and Costs of Immigration
  • Three Conditions for Economic Efficiency
  • Reasons for Government Intervention

Lesson 36

    • 4 Videos
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4 Videos

  • Externalities and Public Goods
  • Externalities
  • Externalities and Property Rights
  • Controlling Pollution, Revisited

Review Week 12 - Can Government Intervention Improve Market Outcomes?

    • 1 Assignment
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1 Assignment

  • Week 12 Quiz

Auto Summary

Explore firm behavior in imperfectly competitive markets with "The Power of Markets III: Input Markets and Promoting Efficiency." This professional-level course, led by Coursera, delves into price discrimination, monopolistic competition, oligopoly, input market dynamics, and government policies like minimum wage and Social Security. Over 480 minutes, gain insights into market efficiency and the impact of government interventions. Ideal for business and management enthusiasts, subscribe with the Starter option to advance your understanding of market mechanics.

Mark Zupan
Instructor

Mark Zupan