Overview of Industry Structure, Conduct, and Performance

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Do curso por University of California, Irvine

O Poder da Macroeconomia: Princípios da Economia no Mundo Real

900 classificações

University of California, Irvine

O Poder da Macroeconomia: Princípios da Economia no Mundo Real

900 classificações

In this course, you will learn all of the major principles of microeconomics normally taught in a quarter or semester course to college undergraduates or MBA students. Perhaps more importantly, you will also learn how to apply these principles to a wide variety of real world situations in both your personal and professional lives. In this way, the Power of Microeconomics will help you prosper in an increasingly competitive environment. Note that this course is a companion to the Power of Macroeconomics. If you take both courses, you will learn all of the major principles normally taught in a year-long introductory economics college course.

Na lição

Perfect Competition

Overview of Industry Structure, Conduct, and Performance 3:52

Assumptions of Perfect Competition; the P=MR Condition 6:26

Market Failures that Lead to Imperfect Competition; Externalities and the Public Goods Problem3:07

Pricing and Production Rules; P=MR=MC; The Shutdown Rule 7:39

Conheça os instrutores

Dr. Peter Navarro
Professor
Paul Merage School of Business

[MUSIC]

Hi, Professor Navarro here again.

At this point in the course, we are done with

the basics of supply and demand, and consumer and producer theory.

And it's time to move on to how industries and markets are organized.

This is some of my favorite stuff in economics, and our goal

over the next three lectures is to understand how industries are structured.

And why different industries exhibit different

kinds of market conduct and performance.

Industry structure refers to how many firms are in an industry, whether

the firms are big or small, what the firms cost structure looks like.

And how market share is divided among the firms.

The four major types of industry structure include, perfect

competition as well as three forms of imperfect competition.

Monopoly, monopolistic competition, and oligopoly.

In this lecture, we will focus

solely on perfect competition.

It is the market structure by

which economists measure all other market structures.

And one of the goals of this lecture will be to

understanding the implications of each of

the major assumptions of perfect competition.

These assumptions range from numerous buyers and sellers, and

free entry and exit, to perfect information and homogeneous products.

By learning about these assumptions, we will come

to learn not only why the perfectly competitive market is

efficient, but also how markets in the real world can fail.

When one or more of the restrictive assumptions of perfect competition fail.

This concept of market failure is key to understanding

why government may sometimes intervene in the free market.

[SOUND]

The next three lectures are where the

rubber meets the roads. It's where we put together

everything we've learned about consumers, and producers, and supply and demand.

The goal is to understand how american industries are structured and

why different industries exhibit different kinds of market conduct and performance.

Industry Structure refers to how many firms are in an industry.

Whether the firms are big or small, what the firms cost

structure looks like, and how market share is divided amongst the firms.

The major types of industry structure include, perfect competition as well

as three forms of imperfect

competition; monopoly, monopolistic competition and oligopoly.

In this

lecture we'll study perfect competition then in the

next two lectures we will turn to imperfect competition.

As we study perfect and imperfect competition, it will be useful to

keep in mind one of the key conceptual tools of traditional micro economics.

The structure-conduct-performance paradigm.

The central concept driving this paradigm is that industry structure determines

market conduct, and market conduct in turn helps determine market performance.

Market conduct embodies the various pricing

and marketing tactics and strategies of businesses.

Such conduct includes at what level a firm or industry sets its price and output.

It also includes whether that firm or industry

engages in various kinds of non-price competition through

product differentiation and advertising.

These different kinds of market conduct in turn drive market performance.

Where performance is measured by yardsticks,

such as allocative and productive efficiency.

These yardsticks can tell us how well

or poorly a society's resources are being used.

This figure highlights some of the

key features of the structure, conduct, performance

paradigm.

Please study it carefully before moving on to our analysis of perfect competition.

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