Explore the third fundamental principle of microeconomics that explains how rational individuals make decisions by comparing marginal benefits and costs. Understand its impact on consumer choices, business strategies, and market behavior.

Learn how price discrimination works under monopoly, how monopolists set different prices in segmented markets, the role of elasticity, and the impact on profits and consumer surplus. Detailed explanation with examples and graphical illustrations.

Explore the fundamental principles of econometrics in the EC2020 course at the London School of Economics. This comprehensive program is...