{"id":1006,"date":"2012-05-13T23:58:45","date_gmt":"2012-05-14T05:58:45","guid":{"rendered":"http:\/\/opengecko.com\/?p=1006"},"modified":"2012-05-13T23:58:45","modified_gmt":"2012-05-14T05:58:45","slug":"describe-pricing-and-output-policies-in-perfect-competition-and-monopoly","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/describe-pricing-and-output-policies-in-perfect-competition-and-monopoly\/","title":{"rendered":"Describe pricing and output policies in perfect competition and monopoly"},"content":{"rendered":"<p><font size=\"3\">First, you need to find out answers to the following broad questions:<\/font><\/p>\n<ul>\n<li><font size=\"3\">What is perfect competition?<\/font><\/li>\n<li><font size=\"3\">What is a monopoly?<\/font><\/li>\n<\/ul>\n<p><font size=\"3\">The video below is a very good starting point. You can ignore the early bit on costs.<\/font><\/p>\n<p><iframe loading=\"lazy\" height=\"403\" src=\"http:\/\/www.youtube.com\/embed\/9Hxy-TuX9fs\" frameborder=\"0\" width=\"550\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><font size=\"3\"><strong><\/strong><\/font><\/p>\n<p><font size=\"3\"><strong>Activity 1) <\/strong>Research how these two market types set their price and output. Can they control these two things (price and output)? If so, how? If not why not? Can you find simple diagrams to help explain these. Be careful though \u2013 this can lead to complex economics that is not needed for IGCES economics. You don\u2019t need diagrams which include marginal cost, marginal revenue, etc, Check with your teacher if possible.<\/font><\/p>\n<p><font size=\"3\"><strong>Activity 2): <\/strong>Create two collage images, made up of photographs you have found online, ideally those with a <a href=\"http:\/\/search.creativecommons.org\/#\" target=\"_blank\">creative commons license<\/a> (you are going to publish your collage online). one for perfect competition and one for monopoly to show a range of examples and characteristics of each type of market structure. As part of this, make sure you include images to help explain your answer to Activity 1. Ensure that the image size is maximum 5MB for each collage.<\/font><\/p>\n<p><font size=\"3\"><strong>Activity 3): <\/strong>Sign up for an account at <a href=\"https:\/\/www.thinglink.com\" target=\"_blank\">Thinglink<\/a>. Upload your images and make them interactive, such that they reveal the key aspects of perfect competition and monopolies. Make sure you also include your answer to Activity 1.<\/font><\/p>\n<p>&#160;<\/p>\n<p><font size=\"3\"><\/font><\/p>\n<p><font size=\"3\">&#160;<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First, you need to find out answers to the following broad questions: What is perfect competition? What is a monopoly? The video below is a very good starting point. You can ignore the early bit on costs. Activity 1) Research how these two market types set their price and output. Can they control these two&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[295,120,214,122],"class_list":["post-1006","post","type-post","status-publish","format-standard","hentry","category-economics","category-igcse-economics","tag-4-4-the-private-firm-as-a-producer-and-employer","tag-market","tag-monoploy","tag-perfect-competition"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/1006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=1006"}],"version-history":[{"count":1,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/1006\/revisions"}],"predecessor-version":[{"id":1007,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/1006\/revisions\/1007"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=1006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/categories?post=1006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=1006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}