ECON 201 Principles of Microeconomics
Microeconomics is the study of a piece of the economy. For example, (microeconomics studies a single tree in the forest, whereas, macroeconomics studies the entire forest). Microeconomics studies and analyzes (through graphs and models), elasticities of supply and demand, utility (customer satisfaction), costs and market structures. The four different market structures: perfect competition, monopolistic competition, oligopoly, and monopoly are compared and contrasted to show how firms behave in each of the different market structures. The students will learn how to measure utility (satisfaction) and how business entities and consumers try to maximize utility through they are purchasing behavior.
Distribution
BU