Monopoly and the dual realm of imperfection

Students prefer computers and on-line resources to more traditional books and journals.    Each day a larger number of books are read on-line; and, we must meet students’ needs by providing a degree of instruction on-line.  With a dwindling manufacturing sector, a university degree has become a necessity rather than a privileged option.  Many students see university as something they have to do rather than something they aspire to do.  A large number of these students are marginal; they ask for notes if they have missed a class; they ask if it is necessary to purchase a textbook; or, they ask if the notes that you give in class will suffice.  Hard work and effort are not seen by these marginal students as primary components of success at the university level.     Too many expect to be spoon-fed as they were in high school.  If they exert any effort, they not only expect to pass, but they expect to be rewarded with an outstanding grade.  It is becoming more difficult to instil good study skills along with a solid foundation in economic principles courses.   The on-line simulations were developed to complement as well as provide an alternative to straight book work in an effort to spur interest, understanding and grades.   

The latest economic simulation titled, “Monopoly and the Dual Realm of Imperfection: Oligopoly & Monopolistic Competition” is designed to be available on-line.  It is similar to and yet so different from past simulations.  We move from the usual flash model to one that is more movie-based.  Imperfection refers to imperfect competition and two of its components: oligopoly and monopolistic competition along with a discussion of monopoly.  This simulation guides students through the mathematics and graphing of a monopoly and natural monopoly; and then moves on to highlight the differences between monopoly and perfect competition.   The kinked-demand curve of an oligopoly is studied along with price leadership pricing.  Game theory is introduced using a duopoly.   Monopolistic competition in the short run and in the long run is examined.  Finally, monopolistic competition and perfect competition are compared and contrasted in the long run.  The topic of efficiency is discussed as the various markets are introduced.  Throughout, graphs are constructed, charts are studied, formulae are set and relationships are found.  With colourful animation, a modicum of humour and an atmosphere of fun, students are able to review dry text and intense lecture material in a relaxed setting at their own convenience on the web.  Areas of difficulty can be repeatedly viewed and no one else need know of the learner’s concerns.  A glossary of terms is instantly available and self-testing provides instant feedback.  This multimedia presentation is meant to aid all students including visual learners and students with physical or learning challenges.  It is with ease that this computer-based teaching technique emphasizes and aids students in understanding pertinent concepts in economics and re-enforces the learning process.