ECON 242H – (Honors) Principles of
Economics, Microeconomics
Microeconomics is the study of the economy’s individual elements, namely consumers and firms. Microeconomists study the market decisions of consumers who seek to maximize well-being subject to a budget. In addition, the theory of the firm provides a framework with which to examine production decisions, the cost of these decisions, and resulting profit levels. Microeconomists study the behaviors of consumers and firms in different market settings that include perfectly competitive markets, markets dominated by a monopoly, monopolistically competitive markets, and oligopolies. The punctilious microeconomist will conduct these analyses with an eye on identifying the public policies and institutional settings that achieve the most efficient outcomes.
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