This introductory episode explains the basic principles upon which microeconomics is based.

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How can firms overcome the challenges of aligning incentives within the organization?

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These two models of asymmetric information occur before the economic relationship (adverse selection) or after the contract is signed (moral hazard).

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The quantity-choice oligopoly games are Cournot (simultaneous) and Stackelberg (sequential).

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What are oligopolies, how are they regulated, and what is the Bertrand pricing model?

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Sequential games and how to solve them are explained.

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This covers the principles of game theory, and explores the simultaneous move games (like Prisoner's Dilemma).

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Two pricing strategies firms can use to increase revenue are two-part tariffs (a fixed fee plus a per-unit charge) and bundling (selling two different products/services together in a package).

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How do monopolists set their optimal price, and how can firms increase their profits by charging different prices to different customers for the same product or service?

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Why is the competitive firm's supply curve equal to the marginal cost curve, and why do firms earn zero profits in the long run?

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