Prerequisite: (1607110)
Industrial organization is essentially a branch of applied microeconomics which seeks to understand the causes and effects of various market structures on pricing and product choices. The course focuses on the theory of the firm and the industry in imperfectly competitive markets with an emphasis upon oligopoly theory, but it also addresses empirical applications of the theory. The course explains how firms compete with each other; it models firms’ strategies on imperfect markets and derives the impact of firms’ behavior on welfare and market structures. Additionally, the effect of industrial revolution on climate change will be examined.