CourseBusiness
The Power of Markets II: Market Structure and Firm Behavior
By External Provider
About this course
In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.
What you will learn
- Students will be able to explain how firms select price-output levels in order to maximize revenue.