Build a thorough understanding of microeconomic theory from the ground up. This track covers how individuals and firms make decisions, how markets reach equilibrium, the different competitive structures that shape industries, and how government policy addresses market failures. Through rigorous readings and quizzes, you will develop the analytical toolkit used by economists, business strategists, and policymakers worldwide.
Learn how buyers and sellers interact in markets to determine prices and quantities
Measure responsiveness of buyers and sellers, and explore the theory behind consumer choice
Understand how firms make production decisions, analyze cost structures, and determine profit-maximizing output
Compare and contrast perfect competition, monopoly, monopolistic competition, and oligopoly
Analyze how wages and employment are determined using marginal productivity theory
Identify when markets fail to achieve efficiency and evaluate government policies to correct these failures
Test your mastery of all Microeconomics topics — supply and demand, elasticity, production and costs, market structures, labor markets, and market failures — in this comprehensive 20-question assessment.