You have completed the third Module of this Credit Unit!
Your next step is the Credit Unit Competency Assessment
Your assessment will need to be graded, and you must receive a grade of 75% or better. If you have any questions please, contact your Student Navigator.
Take a moment to review your notes and the Module Outcomes listed below. Be sure to prepare well before you attempt to take your assessment. The assessment is your opportunity to demonstrate your understanding of all the concepts presented in this unit.
Module 1 Outcomes:
- Explain the main characteristics of a monopolistically competitive industry, describing both its similarities and differences from the models of perfect competition and monopoly.
- Explain and illustrate both short-run equilibrium and long-run equilibrium for a monopolistically competitive firm.
- Explain what it means to say that a firm operating under monopolistic competition has excess capacity in the long run and discuss the implications of this conclusion.
- Explain the main characteristics of an oligopoly, differentiating it from other types of market structures.
- Explain the measures that are used to determine the degree of concentration in an industry.
- Explain and illustrate the collusion model of oligopoly.
- Discuss how game theory can be used to understand the behavior of firms in an oligopoly.
Module 2 Outcomes:
Module 3 Outcomes: