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Ch 57: Market Structures in Microeconomics - MTEL Political Science/Political Philosophy

About This Chapter

The lessons in this chapter will help you prepare for the MTEL Political Science/Political Philosophy exam by investigating different structures in microeconomics.

Market Structures in Microeconomics - MTEL Political Science/Political Philosophy - Chapter Summary

Learning the different systems and structures involved in microeconomics will help you understand how to answer these types of questions on the MTEL Political Science/Political Philosophy exam. In this chapter you will explore:

  • Adam Smith's 'Invisible Hand'
  • Economic monopolies
  • Monopolistic competition
  • Oligopolies in economics
  • Global economic powers
  • Game theory in economics
  • Nash Equilibrium

The lessons have been specially developed to review material you may find on the exam. Each lesson contains a short video to help illustrate the information. A transcript of the video is included as an easy resource for taking notes. You can take a self-assessment quiz at the end of each lesson to apply what you've learned and see how questions may appear on the exam.

Market Structures in Microeconomics - MTEL Political Science/Political Philosophy - Objectives

The MTEL Political Science/Political Philosophy exam is administered to educators in Massachusetts who are hoping to teach political science courses. The exam covers five major areas of content. The material reviewed in this chapter prepares you for questions related to geography and economics, which account for 10% of the total score.

The MTEL Political Science/Political Philosophy exam consists of 100 multiple-choice questions and 2 open-response questions. The two open-response questions account for 20% of the total score and could be related to any of the five content areas. You will need a score of 240 or higher on the exam to qualify for professional certification.

7 Lessons in Chapter 57: Market Structures in Microeconomics - MTEL Political Science/Political Philosophy
Test your knowledge with a 30-question chapter practice test
Perfect Competition in Economics & Adam Smith's 'Invisible Hand'

1. Perfect Competition in Economics & Adam Smith's 'Invisible Hand'

In this lesson, you'll learn how consumers and producers interact in a perfectly competitive economic system. You'll also be introduced to how Adam's Smith concept of an 'invisible hand' can help keep such systems in line.

What is a Monopoly in Economics? - Definition & Impact on Consumers

2. What is a Monopoly in Economics? - Definition & Impact on Consumers

In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.

Understanding Monopolistic Competition in Economics

3. Understanding Monopolistic Competition in Economics

In this lesson, we'll learn about monopolistic competition. This type of competition can be found in a free market where products are differentiated, but not so differentiated that any single firm has the power to influence market prices.

What is an Oligopoly? - Definition & Impact on Consumers

4. What is an Oligopoly? - Definition & Impact on Consumers

In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.

An Overview of Major Economic Powers of the World

5. An Overview of Major Economic Powers of the World

There are 196 countries in the world, meaning there are nearly as many economic systems. While the narrative is often 'capitalism or socialism,' in this lesson we'll learn about how many of the world's largest countries are really somewhere in the middle.

What is Game Theory? - Explanation & Application in Economics

6. What is Game Theory? - Explanation & Application in Economics

Economics is just as much about consumer and producer behavior as it is about finance or the allocation of resources. With that in mind, this lesson will explain one of the most fundamental tools economists use to frame competitive decision making.

Nash Equilibrium in Economics: Definition & Examples

7. Nash Equilibrium in Economics: Definition & Examples

The Nash Equilibrium is an important concept in economics, especially in the field of game theory. In this lesson, we will learn about the Nash Equilibrium and follow up with a quiz.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the MTEL Political Science/Political Philosophy (48): Practice & Study Guide course

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