List of Diagrams

There are lots of diagrams to be familar with in Economics. This section has a collection of video tutorials taking you through the drawing of the diagrams. Some assume that you understand key topics so make sure you read the description and watch them in the right order if you are unsure. There is a list of all the diagrams below you can click on or you can scroll down to see them all.

Monday, 02 December 2013 11:12

Monopoly

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You need to be familiar with the diagrams for each type of market structure. Monopoly markets occur when one single firm dominates the market. Large firms with some competition can have a degree of monopoly power but when it comes to diagrammatic analysis we are interested in a situation where one firm has 100% market share.

Barriers to entry allow monopolies to make long run abnormal profit that is not competed away by new entrants into the market as it would have been under Perfect competition This tutorial will talk you though drawing the diagram for a monopoly. Before you look at it I suggest that you make sure you are happy with demand and supply diagrams and the profit maximising condition MR=MC. If you are not they you can search for pages about them using the button on the top right of the menu.

 Unfortunately at the moment the tutorials are only available using flash so they may not work on mobile devices.

 

 

Read 2665 times Last modified on Tuesday, 05 May 2015 15:53
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