March 23, 2018 

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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.

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Lesson Contents
Unit 1: Intro
  • Factor Market
  • Two Sides
  • Equilibrium
  • Competition
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Market Control
  • Selling Side
  • Buying Side
  • Monopsony
  • Imperfect Competition
  • Unit 2 Summary
  • Unit 3: Perfect Competition
  • Many Buyers
  • Employment
  • Efficiency
  • Unit 3 Summary
  • Unit 4: Monopsony
  • One Buyer
  • Employment
  • Efficiency
  • Unit 4 Summary
  • Unit 5: Bilateral Monopoly
  • Monopoly
  • Two Sides
  • Four Marginal Curves
  • Employment
  • Unit 5 Summary
  • Course Home
    Factor Market Equilibrium

    My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony.

    • The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
    • In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
    • The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
    • In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
    • The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.

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    The branch of economics that studies the parts of the economy, especially such topics as markets, prices, industries, demand, and supply. It can be thought of as the study of the economic trees, as compared to macroeconomics, which is study of the entire economic forest.

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