This is the third and final video in a three-part series of demand and supply videos; this video is also part of the ‘Economics Basics’ series. This video looks at demand and supply from the firm’s perspective. Types of market structure are investigated to determine if a firm is a price taker or a price setter. Firms in a perfect competitive market structure are considered as price takers while firms in a monopoly, oligopoly, and monopolistic competitive (in the short-run) market structures are considered as price setters.
The video explains how different equilibrium’s are reached in different market structures. What effect price takers can have on consumer and producer surpluses, if any. How firm’s become price setters and not have to settle with being just price takers.
To fully understand this video I recommend going back and watching the first two videos in the ‘Economics Basics’ series as well as part one and two of this demand and supply series; see links below:
The video can be watched at the link below:
Economics Basics – Utility and Choice (Video 1)
Economics Basics – Cooperation and Specialisation (Video 2)
Demand and Supply – Part 1
Demand and Supply – Part 2
If you have missed any videos in the ‘Economics Basics’ series use the link below.
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