The Principles of Microeconomics course was developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in December 2019. The course is part of the Ohio Transfer Assurance Guides and is also named OSS004. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Content ContributorsKen Fah                                             Ohio Dominican UniversityJohn Fiske                                         Ohio Dominican UniversityJoe Nowakowski                                Muskingum UniversityLibrarianNathan Wolfe                                     Kenyon CollegeReview TeamMolly Cooper                                     Ohio State University Subbu Kumarappan                          Ohio State University ATI 

In this topic, students will be introduced to monopoly.  They’ll learn what a monopoly is, how it differs from perfect competition and what conditions give rise to it.  They’ll also learn how monopolists decide on the profit-maximizing level of output and price.  The social costs and benefits of monopoly will also be covered.  In addition to monopoly, the topic will cover price discrimination.   

By the end of this section, you will be able to:

Explain how the inventions of the late nineteenth century contributed directly to industrial growth in America
Identify the contributions of Andrew Carnegie, John Rockefeller, and J. P. Morgan to the new industrial order emerging in the late nineteenth century
Describe the visions, philosophies, and business methods of the leaders of the new industrial order

Inventors of the Age
From Invention to Industrial Growth
Building Industrial America on the Backs of Labor
A New American Consumer Culture