Monopolistic Competition (Online Lesson)
- A-Level, IB
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 2 Jul 2020
In this online lesson,we cover the market structure of monopolistic competition, a type of imperfect competition.
WHAT YOU'LL STUDY IN THIS ONLINE LESSON
- the characteristics and nature of monopolistic competition, and its place in the spectrum of competition
- diagrammatic analysis of monopolistic competition in the short run and the long run, considering output and profits
- real-world examples of monopolistic competition
- advantages and disadvantages of monopolistic competition
Additional teacher guidance is available at the end of this online lesson. Thank you to Penny Brooks and Jon Clark for their contributions to this online lesson.
HOW TO USE THIS ONLINE LESSON
Follow along in order of the activities shown below. Most are based on short videos, including activities for you to think about and try at home, as well as some extra worksheet-based activities.
ACTIVITY 1: VIDEO - NATURE OF MONOPOLISTIC COMPETITION
In this introductory video, we consider the characteristics and assumptions underpinning the market structure of monopolistic competition.
ACTIVITY 2: GAME - MARKET STRUCTURES
Review your knowledge of the different market structures by having a go at this interactive game!
ACTIVITY 3: VIDEO - DIAGRAMMATIC ANALYSIS
In this video, we look at the diagrams needed for both short run and long run analysis of monopolistic competition. It is well worth practising the long run diagram!
ACTIVITY 4: RESEARCH TASK
Carry out your own research into the economist Joan Robinson, who first developed the theory of monopolistic competition. You can find some sources to get you started here:
- biography of Joan Robinson
- a more economics-focused biography of Joan Robinson
- a thought-provoking blog about her legacy
Produce a creative piece (e.g. comic, storyboard, podcast etc) about this economist's contribution to this topic.
ACTIVITY 5: VIDEO - REAL WORLD EVALUATION
This video uses a range of real-world examples to explore the pros and cons of monopolistic competition.
ACTIVITY 6: WRITING SKILLS
Download this DynaMIX activity which helps to build your analytical skills.
ADDITIONAL TEACHER GUIDANCE
This lessons comprises:
- just over 30 minutes of guided video content, spread across 3 videos, including around 20-30 minutes of student thinking and activity time
- a research task on Joan Robinson
- an interactive game reviewing the key characteristics of market structures