In this course, students will study the price system, market structures, and consumer theory. Topics covered include supply and demand, price controls, public policy, the theory of the firm, cost and revenue concepts, forms of competition, elasticity, and efficient resource allocation, among others.
- Describe how output and price are determined in imperfect, monopoly, and perfectly competitive markets.
- Identify profit-maximizing production levels using cost and revenue curves.
- Explain the factors causing changes in supply and demand and changes in the quantity supplied and demanded.
- Comprehend the concept of elasticity.
- Explain the effects of price controls.
- Distinguish between the various total, average, and marginal cost concepts.
- Distinguish between total and marginal revenue.
- Explain how businesses determine what resources they will use to produce goods.
Why Choose National University?
We’re proud to be a veteran-founded, San Diego-based nonprofit. Since 1971, our mission has been to provide accessible, achievable higher education to adult learners. Today, we educate students from across the U.S. and around the globe, with over 180,000 alumni worldwide.
Focus on one subject at a time — one month at a time — and finish your degree faster.
75+ Degree Programs
Choose from associate, bachelor’s, and master’s degrees, plus credentials and certificates.
On Campus or Online
Study when and where it’s convenient for you with evening, weekend, and 100% online classes.
Apply or transfer any time. Classes start monthly, and applications are accepted year round.
20+ Campus Locations
Attend class onsite at one of over 20 campus locations across California or in Nevada.
As a Yellow Ribbon school, we offer tuition discounts to servicemembers and dependents.