Having graduated this course, the students should be able to:

- Express their opinions with regard to the main topics addressed by microeconomic theory and apply this theory to practical examples;

- Differentiate between different market forms (perfect competition, monopoly, monopolistic competition and oligopoly) and derive the optimal price and output decisions depending on the market structure;

- Analyse strategic behaviour in different market situations and evaluate how firm and social outcomes vary with differing market forms;

- Recognize situations which give rise to market failure and make suggestions with regard to its aversion.

This lecture also requires from the students to develop the following abilities:

- To apply theoretical concepts to practical examples;

- To use analytical methods for the solution of diverse problem sets (e.g. finding the optimal decision for a given stakeholder using mathematical derivations);

- To present and explain complex theoretical concepts.