ECO 2 Markets, Institutions, and the Role of Government.

In some situations, competitive markets fail to allocate resources efficiently. In some instances, production is concentrated in the hands of a few firms that may restrain output and raise prices. In other cases, market prices fail to fully reflect the costs or benefits associated with the consumption or production of certain goods. This arises in the case of externalities or government in ensuring allocative efficiency.

1. ECO 201 Principles of Microeconomics (3) (MPF); and

2. Two from the following:
ECO 321 American Industries and Issues (3), or
ECO 385 Government and Business (3), or
ECO 331 Public Sector Economics (3)

Note: Not open to majors in business.

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