Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
About this course
Competition changes the choices available to a firm. This course compares competitive markets, monopoly, oligopoly and monopolistic competition, then uses strategic reasoning to examine firm behavior. Study the complete public source playlist from Khan Academy in English, with all 15 recordings available in the on-site classroom. Lessons retain their original titles and source order, including worked examples, introductions and repeated entries.
Course at a glance
| Provider / Teaching team | Khan Academy |
|---|---|
| Platform | YouTube · Khan Academy |
| Access | Free Video |
| Level | Beginner |
| Language | English |
| Videos | 15 |
| Video duration | 2h 3m · allow extra time for practice |
| Format | Self-paced recorded training |
| Certificate | Not included with video viewing |
What you’ll learn
- Distinguish economic profit from accounting profit.
- Compare the main market structures and their assumptions.
- Interpret monopoly output, marginal revenue and welfare loss.
- Use payoff reasoning to analyze cartel incentives and Nash equilibrium.
Skills you’ll gain
- Market structures
- Economic profit
- Monopoly
- Game theory
Course Overview
Economic profit is distinguished from accounting profit, with opportunity cost and depreciation helping explain why the measures differ. Perfect-competition and long-run supply examples connect entry and competition with economic profit. Monopoly examples develop marginal revenue, output choice and deadweight loss, including an optional calculus explanation of a linear-demand relationship. Monopolistic competition introduces product differentiation, while oligopoly and cartel examples examine strategic interaction among a small number of firms. The prisoners’ dilemma and Nash-equilibrium lessons show why a jointly attractive agreement can be unstable when each participant has an incentive to deviate. The source includes both explanatory and optional mathematical recordings. Focus on the assumptions defining each market structure before comparing outcomes across them.
How to study the course
- Videos 1–3: this part of the source list includes “Economic profit vs accounting profit” through “Long term supply curve and economic profit”. List the assumptions of the model. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 4–7: this part of the source list includes “Oligopolies, duopolies, collusion, and cartels” through “Why parties to cartels cheat”. Identify the participants and incentives. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 8–11: this part of the source list includes “Prisoners' dilemma and Nash equilibrium” through “Optional calculus proof to show that MR has twice slope of demand”. Compare outcomes after one defined change. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
- Videos 12–15: this part of the source list includes “Depreciation and opportunity cost of capital” through “Monopolist optimizing price: Marginal revenue”. Explain a mechanism before making a conclusion. Keep a brief working note, revisit an unclear explanation and test one example before moving to another part of the material.
Who is this for?
This course suits students and interested readers studying the named economic concepts. It also provides a recorded reference for revisiting a topic after an earlier lesson or study attempt. Choose examples appropriate to your background and allow time to work through the method instead of judging understanding only by how familiar the terminology sounds.
Before you start
Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
Put the lessons into practice
Compare a fictional competitive firm and a monopolist using clearly stated demand and cost assumptions. Explain how each chooses output and why their profit opportunities differ. Then construct a two-firm payoff table for a cartel decision, identify each firm’s preferred response and compare the stable outcome with the jointly attractive outcome.
This optional study activity is provided by WikiFree for independent practice. Keep your working notes and use the relevant classroom recording to check a step, definition or interpretation. It is not an instructor-marked assignment.
Certificate / Assessment
Watching the public videos and using WikiFree completion tracking does not award a certificate, academic credit, an examination voucher or instructor assessment. Use your practice output to review what you can explain and repeat independently. The recorded lessons provide study material; completion tracking records your progress through that material.
Related courses for your next step
- Compare another approachMicroeconomics Fundamentals: Free Course
Focus: Opportunity cost · Economic models
Beginner - Compare another approachFree MIT Course: Microeconomics: Markets, Competition and Consumer Choice
Focus: Lec 1: Introduction to Principles of Microeconomics and Supply & Demand · Lec 4: Demand Curves and Income/Substitution Effects
Beginner - Compare another approachSupply, Demand and Market Equilibrium: Free Course
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Beginner
Compare course focus, level and study time
| Course | Level | Focus | Study time |
|---|---|---|---|
| This course — Firm Behavior and Market Structures: Free Course | Beginner | Market structures · Economic profit · Monopoly | 2h 3m of video; practice time is additional |
| Microeconomics Fundamentals: Free Course | Beginner | Opportunity cost · Economic models · Marginal reasoning | 1h 3m of video; practice time is additional |
| Free MIT Course: Microeconomics: Markets, Competition and Consumer Choice | Beginner | Lec 1: Introduction to Principles of Microeconomics and Supply & Demand · Lec 4: Demand Curves and Income/Substitution Effects · Lec 9: Supply and Demand & Consumer/Producer Surplus | 20h 26m of video; practice time is additional |
| Supply, Demand and Market Equilibrium: Free Course | Beginner | Market equilibrium · Elasticity · Economic surplus | 3h 6m of video; practice time is additional |
Frequently asked questions
Is this course free to watch?
Yes. The public source videos are available in the WikiFree classroom. Video viewing does not include separately priced tools, hardware, memberships or a credential.
How long does the course take?
The 15 source video occurrences total approximately 2h 3m. Allow additional time for pausing, notes, practice and revisiting an explanation.
What background do I need?
Basic arithmetic and comfort interpreting a graph are useful. Follow the assumptions of each model rather than treating every simplified example as a real-world prediction.
Does completing the videos award a certificate?
No. Video viewing and WikiFree progress tracking do not award a certificate, academic credit or an exam voucher.
Can I study on a phone?
Yes. The classroom supports a responsive player and searchable lesson list. A larger screen or a suitable practice environment can help with detailed calculations, diagrams and software examples.
Provider: Khan Academy. Videos play from the Khan Academy channel on YouTube.
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