Microeconomics is an introduction to economic principles that influence decisions of individual consumers and business managers. Students will examine how the law of supply and demand is reflected in pricing and quantity decisions in a variety of market situations. Close attention will be paid to how a firm’s cost structure affects decisions regarding how much to produce, given a price in a perfectly competitive market situation, compared to pricing and quantity decisions in other market structures. Consideration will be given to how individuals’ concepts of cost versus benefit enter into their buying decisions. The impact of governmental attempts to modify market outcomes will be a special focus of the course.