Microeconomics

Catalog description

Students examine the theory and application of the four market structures; pure competition, monopolistic competition, oligopoly, and monopoly. Students determine the revenue, costs, output, and prices for each market structure along with the social implications of each market form. In addition, the students analyze various social issues such as consumer choice, pollution, health care, public works projects, and poverty transfer programs using the microeconomic principles of elasticity, benefit and cost, and diminishing returns analysis.