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
This topic presents an evaluation of the effect on competition of scale economies, and acquisitions and mergers. It also covers methods of measuring market concentration as well as a discussion of possible policy measures designed to limit the damage from concentration.
In this topic, students will be introduced to the concept of elasticity. They’ll learn about price elasticity of demand and price elasticity of supply, about their determinants and how to calculate it. They’ll be introduced to some applications of price elasticity. They’ll also learn about two other important elasticity measures, cross-price elasticity and income elasticity.
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.