Markets
This section covers the microeconomic analysis of markets, including an individual transaction approach, a discussion of types of markets, including auctions, as well as a classical Marshallian approach, including a discussion of market power, and monopoly. Using classical models, the section also covers microeconomic analysis of green issues such as carbon taxes, GHG regulations, and pollution cap-and-trade schemes.
The Basics of Markets and Transactions
Why Should I Care? Many economists believe the “free market” knows best. This opinion has great ...
Marshall's Supply and Demand
Why Should I Care? How can you make predictions about the future? Markets are subject to complex...
The Commons, Club Goods, and Public Goods
Why Should I Care? Markets are not perfect, and the reason has to do with the type of product de...
Demand
Why Should I Care? There seem to be rules that govern markets. For example, no one can sell more...
Supply
Why Should I Care? Producers come to the market with a completely different mindset than do buye...
Monopoly and Imperfect Competition
Why Should I Care? Markets are not always perfect, and consumers sometimes pay too much for what...
Self-Regulating Markets
Why Should I Care? Economists believe that free market prices are very rich and subtle informati...
Market Disruption
Why Should I Care? Markets are supposed to be stable and self-regulating. But social and natural...
Elasticity
Why Should I Care? The way markets work depends on how people react to changes. If people keep b...