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Basic Economic Concepts
The Nature and Functions of Product Markets
Factor Markets
Market Failure and the Role of Government

Principles of Microeconomics
 The Nature and Functions of Product Markets

  • Supply and demand
    • Market equilibrium
    • Determinants of supply and demand
    • Price and quantity controls
    • Elasticity
    • Price, income, and cross-price elasticities of demand
    • Price elasticity of supply
    • Consumer surplus, producer surplus, and market efficiency
    • Tax incidence and deadweight loss
  • Theory of consumer choice
    • Total utility and marginal utility
    • Utility maximization: equalizing marginal utility per dollar
    • Individual and market demand curves
    • Income and substitution effects
  • Production and costs
    • Production functions: short and long run
    • Marginal product and diminishing returns
    • Short-run costs
    • Long-run costs and economies of scale
    • Cost minimizing input combination
  • Firm behavior and market structure Profit
    • Accounting versus economic profits
    • Normal profit
    • Profit maximization: MR=MC rule
  • Perfect competition
    • Profit maximization
    • Short-run supply and shut-down decision
    • Firm and market behaviors in short-run and long-run equilibria
    • Efficiency and perfect competition
  • Monopoly
    • Sources of market power
    • Profit maximization
    • Inefficiency of monopoly
    • Price discrimination
  • Oligopoly
    • Interdependence, collusion, and cartels
    • Game theory and strategic behavior
  • Monopolistic competition
    • Product differentiation and role of advertising
    • Profit maximization
    • Short-run and long-run equilibrium
    • Excess capacity and inefficiency

Getting Started
We recommend you first take a practice quiz on this section to identify areas to focus your study on.  The available resources listed below can then be more effectively used to review and expand you knowledge in those specific areas you need.
Quiz1 Take a quick quiz

Available Resources
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