CourseHES 202

Week12 of 16

SemesterII

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This week’s topics

Perfect competition

Many sellers, similar products
Price takers

What you will be able to do

4.1 Compare perfect competition and monopoly.

Activity

Discuss why market stalls charge similar prices.

Study materials

Further resources

Principles of Economics 3e, ch. 8.1: Perfect competition and why it matters · PDF · OpenStax (2022); p. 188 · for registered students
Principles of Economics 3e, ch. 8.2: How perfectly competitive firms make output decisions · PDF · OpenStax (2022), price takers; pp. 189–203 · for registered students
Introduction to Business 2e, ch. 1.7: Competing in a free market · PDF · OpenStax (2026); pp. 38–39 · for registered students
Digital Economics · Open-access article · Goldfarb and Tucker (2019), Journal of Economic Literature. Online search makes it easy to compare sellers, pushing markets towards many sellers and similar prices. · for registered students

Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.

Week 11 Week 13

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Course plan

Week 1: What is economics? Scarcity and choice
Week 2: Demand: how buyers behave
Week 3: Supply: how sellers behave
Week 4: Market equilibrium
Week 5: When demand or supply changes
Week 6: Price elasticity of demand
Week 7: Calculating elasticity
Midterm: Midterm evaluation
Week 9: Measuring the economy: GDP
Week 10: Inflation and unemployment
Week 11: Reading economic data
Week 12: Perfect competition
Week 13: Monopoly
Week 14: Markets in real life
Week 15: Review and coursework completion
Final: Final assessment and submission

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