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This lesson on oligopolies helps students understand why profits are maximised when marginal revenue equals marginal costs for collusive oligopolies. The lesson looks at how oligopolies can collude and even create cartels. Below is a breakdown of the lesson objectives:
* All Students will understand that a firms profits are maximised when MR = MC in a price fixing oligopolistic market.
* Most Students will understand how to draw profit maximisation for price fixing oligopolistic markets.
* Some students will understand how to apply this knowledge to a past exam question.
The lesson focuses on the following key terms and includes various definitions, examples and tasks related to the following:
* MR = MC
The lesson concludes with various tasks and a past paper question. I have also included a fun key word quiz to test students on the various microeconomic keywords. My PPT easily explains the rules and has proved very popular with students. This lesson is perfect for Economics.