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Demand and Supply: Understanding market equilibrium, shifts in demand and supply, and the impact on prices and quantities.
Elasticity: Price elasticity of demand and supply, income elasticity, and cross-elasticity.
Market Structures: Characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly.
Consumer Behavior: Utility, budget constraints, and consumer choice theory.
Production and Costs: Short-run and long-run production functions, economies of scale, and cost analysis.
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