The meaning and significance of competition is developed from a variety of theoretical perspectives. The theory of the firm is developed, and the activities of firms in various market settings (competitive, monopolistically competitive, oligopolistic, and monopoloistic) are analyzed. The impact of firm behavior on social welfare is also discussed. Substantial emphasis is placed on game theoretical models and their applications, including collusion, product differentiation, entry deterrence, and dynamic firm interaction.
Prerequisites: ECON 170 or permission of the instructor.