The strategy of microeconomics for understanding economic behavior is to start with individual economic agents – consumers and firms – and move ‘from the bottom up’ towards understanding market demand and supply. Following this route, we will learn how to analyze the market in equilibrium, and the advantages and disadvantages of various market structures (e.g., perfect competition or monopoly). While the basic story of microeconomics is a cheerful one for the competitive market, we will also study circumstances under which the market runs into difficulties for delivering efficient outcomes.
- 10.004 Advanced Math II
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