You must complete Market Structure: Perfect, Imperfect and Monopoly Market to unlock this Lesson.
Please subscribe for the subject to access this lesson.



  1. Review of Cost and Revenue Curves
  2. Price and Quantity Determination Under Perfect Competition
  3. Price and Quantity Determination under Monopoly
  4. Price Discrimination
  5. Causes of Monopoly
  6. Advantages and Disadvantages of Monopoly
  7. Control of Monopoly

Review of Cost and Revenue Curves

The Concept of Cost

Costs are expenses incurred during production. We shall examine the following types of cost incurred during process of production.

Total Cost

This is made up of total fixed cost and total variable cost, i.e.  TC = TFC + TVC, where TFC is total fixed cost and TVC is total variable cost

Total Fixed Cost

These are the costs that do not change with the level of production.  They remain constant whether the firm is working at full capacity or not. Examples are rent, purchase of equipment and machinery, top management salary.  These expenses are usually fixed in the short run.

Mathematically, TFC =  TC – TVC

Total Variable Cost

These are expenses that vary as output increases or decreases. 

Please subscribe for the subject to access this lesson.
Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS2 Economics, SS2 Economics Evaluation Questions, SS2 Economics Evaluation Questions Second Term, SS2 Economics Objective Questions, SS2 Economics Objective Questions Second Term, SS2 Economics Second Term
Back to: ECONOMICS – SS2 > Second Term
© [2020] Spidaworks Digital - All rights reserved.

We are resetting the game!

ClassHall is built on game design principles, and the top performers are the MVPs!

By 11:59 pm Dec. 31st, 2019, we will reset all user performance data, including points and ranks to enable newcomers compete favourably for the limelight!

Prizes will be given to the top 5 MVPs of the Hall of Fame, at the end of the 2019/2020 academic session.

Earn a referral fee per user for recommending us to your students, colleagues and school admins.

Heard of our TRC?

We believe teachers should earn their full reward on earth!

Congratulations to the TOP 5!

Sophia Awhata

Final Points



Senior Prefect

Seun Adeniyi

Final Points




Mary Adebayo

Final Points




Aderonke Babalola

Final Points




Olufunke Fasipe

Final Points




Classhall live video classes


You’re missing out if you haven’t joined our live video classes. NO ADDITIONAL COST if you are on a termly or yearly subscription plan.