Type: Core Videos

What’s so perfect about perfect competition? In this introductory video on perfect competition, you’ll learn about one of the key market structures – perfect competition. The video explains the core assumptions of perfect competition, such as no barriers to entry, perfect information, and profit maximization. You’ll discover how these conditions lead to efficient outcomes and…

In this video, you’ll explore a market structure where a single firm dominates the entire market. A monopoly exists when one company controls the supply of a unique product or service, allowing it to set prices without competition. The video covers the characteristics of a monopoly, such as high barriers to entry, lack of close…

Here, you’ll learn about a key market structure: monopolistic competition, where many firms sell similar but differentiated products. The video explains the key features, including numerous competitors, free entry and exit, and product differentiation through branding and quality variations. Professor Chad Syverson walks through how economists study monopolistic competition to understand real-world markets.

Oligopolistic markets have homogeneous products and few market participants. Duopoly is an example of this market structure with only two sellers. This video covers essential features, such as mutual interdependence and the role of game theory in understanding firm behavior. You’ll see how these firms compete to affect prices and market outcomes. Explore with Professor…

Empiricism is simply using data to analyze the world and test models. Questions such as “how can we encourage people to drive electric cars?” rely on empiricism. The first two principles of economics, optimization and equilibrium, describe the world theoretically. The last principle, empiricism, which is explored here, ties concepts to the “real world”. Professor…

In everyday life, there are numerous examples of tendencies that deviate from the standard economic framework. That’s why behavioral economics came to be. Behavioral economics uses variants of traditional economic assumptions (often with a psychological motivation) to explain and predict behavior, and to provide policy prescriptions. In this video, Professor John List lays out six…

How do economists test models empirically and ensure confidence in their claims? Economists strive to establish causation, not just correlation. Even with extensive data, results can sometimes be misleading. One method economists use to determine cause and effect is through running experiments, similar to other scientific fields. In this video, Professor John List explains experimental…

A sellers’ primary goal is to maximize profits. What is referred to as the seller’s problem  centers around what and how much to produce. The seller’s probIn this lesson Professor Angela Doku introduces the seller’s problem, discussing the decisions that may have gone into producing the goods and services you consume everyday.

Why should a firm value diversity and inclusion? Economics can be used to answer more questions than simply how many widgets to produce. One flourishing area in economics is the study of diversity. In this video, Professor John List explains how economists think about diversity and dives into some important questions that have been answered…