Economics 102 is an introduction to the analytical tools of microeconomics used to examine the behavior of consumers and producers and how they interact in various types of market structures to determine prices and outputs. Students are also introduced to market failures and to alternative policies that may be implemented to deal with them. The major topics to be covered in this course include demand and supply, elasticity, consumer choice, production and cost, perfect competition, monopoly, oligopoly, externalities, public goods, and government actions in the market.