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The chapters and videos discussed interesting subjects that improved my knowledge of different business issues. In the video about monopolistic fundamentals, I heard that in an ideal market where multiple businesses are profitable, more businesses would enter into those markets because of the possibilities that are present. When services are used effectively, different opportunity costs are profitable. The video on monopolistic rivalry was rather informative. The video discusses different forms of monopolistic markets and how they manifest themselves within a monopolistic market. The video states that in a monopolistic industry, a firm has the power to set the price and the quantity when it comes to products and services that are being offered. In a perfect market, there is the elimination of the barriers to entry which makes the market to be open. The video has used various examples in explaining how the monopolistic competition occurs. An example used is the presence of different firms with each business deciding how they set their prices and the power that the firms have in such industries.

The information contained in chapter 8 and 9 PowerPoint regarding the class notes is fascinating as they have enhanced the understanding that I have about various markets. Chapter 8 has covered an important aspect about the types of monopolies such as closed, open and natural monopolies which have been covered extensively. Section 9 of the class lecture has included the concept of applying economic ideas which I find to be informative. The interesting part of the chapter is the issue of the barriers to entry which has informed me a lot on how certain markets restrict the entry of individual firms and thus limiting their competitive advantage. Overall, the course materials have been organized well which has made them informative and captivating.

November 09, 2022

Literature Economics



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