3credit(s) This is an introductory course in microeconomic theory. Students learn basic principles of economic decision making from the perspective of the individual, firm, and industry. Particular attention is given to the market system and how prices and profits coordinate the actions of economic decision makers. Topics include demand and supply, consumer behavior, costs and production, market structure, market failure, regulation, poverty, and income distribution. Prerequisite(s): M 110 or M 112 or M 140 or M 144.