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Level 4 Diploma in Accounting and Business

Perfect Competition and Price Determination

AB402 · Business and the Economic Environment — Week 10 of 16

CourseAB402
Week10 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Perfect Competition and Price Determination

  1. Characteristics of perfectly competitive markets
  2. Market clearing equilibrium price and quantity
  3. Shifts versus movements along demand and supply curves
  4. Short-run and long-run equilibrium for price takers
  5. The Equilibrium Price and Quantity
  6. Changes in equilibrium price and quantity when supply and demand change | Khan Academy
  7. Types of Competition - Monopoly - Oligopoly - Monopolistic Competition - Perfect Competition
  8. Economics 1 - Lecture 6: Competition, part 1
  9. Economics 1 - Lecture 7: Competition, part 2

What you will be able to do

  • 4.2 Explain how prices are determined in a perfectly competitive market.
  • 4.3 Explain how changes in the conditions of supply and demand influence equilibrium price.

Activity

Start with this week’s 5 videos, then: Seminar, guided reading and a short written task: explain how prices are determined in a perfectly competitive market.

Study materials

Videos

  • The Equilibrium Price and Quantity · YouTube · Marginal Revolution University · 5 min · for registered students
  • Types of Competition - Monopoly - Oligopoly - Monopolistic Competition - Perfect Competition · YouTube · The Marketing Channel - MKTG 101 · 13 min · for registered students
  • Y1 5) Market Equilibrium & Disequilibrium · YouTube · EconplusDal · 9 min · for registered students
  • Y1 6) Microeconomic Equilibrium Shifts · YouTube · EconplusDal · 3 min · for registered students
  • Exploring Equilibrium · YouTube · Marginal Revolution University · 6 min · for registered students

Further resources

  • Principles of Economics 3e, ch. 8: Perfect Competition · PDF · OpenStax, textbook chapter; pp. 203–230 · for registered students
  • Introduction to Business 2e, ch. 1.7: Competing in a free market · PDF · OpenStax, textbook chapter; pp. 38–39 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Business Classification and Sector Analysis
  • Week 2: Legal Structures and Business Ownership
  • Week 3: Organisational Structures and Financial Reporting Frameworks
  • Week 4: Stakeholder Analysis and the Internal Business Environment
  • Week 5: External Business Environment and Globalisation
  • Week 6: Macroeconomic Fundamentals and the Circular Flow of Income
  • Week 7: Aggregate Demand and Business Activity
  • Midterm: Midterm evaluation
  • Week 9: Microeconomic Factors and Elasticity Concepts
  • Week 10: Perfect Competition and Price Determination
  • Week 11: Imperfect Market Structures, Pricing and Output
  • Week 12: Applying Business and the Economic Environment in practice:…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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