Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: Effect of having only one firm on price, quality, choice, profit
Learning Objective/s:
  • Describe how a monopoly determines price and output compared with perfect competition.
  • Explain the impact of monopoly power on product quality and consumer choice.
  • Analyse why monopolies can earn long‑run economic profit and the role of regulation.
  • Compare monopoly outcomes with other market structures using key indicators (price, quality, choice, profit).
Materials Needed:
  • Projector and screen for slides/diagrams
  • Whiteboard and markers
  • Printed handout of monopoly price‑setting diagram
  • Worksheet with comparative table activities
  • Calculator (optional) for profit calculations
 Introduction:
Begin with a quick poll: “If there was only one company selling your mobile phone, how would that affect you?” This taps prior knowledge of competition and sets the context. Explain that today’s lesson will explore how a single‑firm market influences price, quality, choice, and profit. Students will know they must be able to compare monopoly outcomes with other market structures by the end.
Lesson Structure:
  1. Do‑now (5'): Students answer the poll question on sticky notes; teacher collects responses.
  2. Mini‑lecture (10'): Present monopoly price‑setting using demand, MR, and MC curves; show diagram.
  3. Guided analysis (10'): Compare monopoly with perfect competition using the provided table; students fill in a Venn diagram.
  4. Group activity (15'): Small groups calculate monopoly profit from given data and discuss quality/choice implications; teacher circulates.
  5. Check for understanding (5'): Quick Kahoot quiz with three questions on price, quality, and profit.
  6. Summary discussion (5'): Highlight key take‑aways and link to regulation.
Conclusion:
Recap the main ways a monopoly affects price, quality, choice, and profit, emphasizing dead‑weight loss and profit potential. For the exit ticket, ask students to write one real‑world example of a monopoly and its impact on consumers. Homework: complete a worksheet comparing monopoly with oligopoly and perfect competition.