Principles of Microeconomics

Catalog description

An introductory course using microeconomic models to understand individual decisions by consumers and firms, market outcomes including market failure, elasticity, market structures, labor markets, inequality, and the impact of government policies. This course introduces the student to the functioning of the market mechanism, its strengths and weaknesses, and to the role of the consumer and the producer in the modern global economy. This course also examines the behavior of the consumer, and that of the profit-maximizing firm in regard to cost, price and output, within varying levels of competition, and government regulations. Credit will not be awarded for both the honors and regular versions of a course. Credit will be awarded only for the first course completed with a grade of "C" or better or “P.”.