Imperfect Competition

The interaction between firms and consumers in markets that fall outside the benchmark competitive model. How firms acquire and exploit market power. Game theory and information economics to analyze how firms interact strategically. Topics include monopoly, price discrimination, advertising, oligopoly pricing, product differentiation, collusion and cartel behaviour, and anti-competitive behavior. Sources include theoretical models, real-world examples, and empirical papers. Prerequisite: ECON 51 or PUBLPOL 301A or INTLPOL 204A. Econ 102B recommended.