Principles of Microeconomics

Catalog description

ECON 202 is aone-semester introduction to microeconomics. Major topics include the theory of consumer choice, the price elasticity of demand, costs of production, price and output determination in different product market structures, wage and employment determination in labor markets, government policies to deal with market failures such as monopoly, public goods and externalities, the gains from trade based on comparative advantage, and an overview of current economic problems and issues facing the United States.