Principles of Microeconomics — Part 5: Market Efficiency & Monopoly

This is where the micro toolkit starts to pay off. You'll use consumer and producer surplus to measure welfare, quantify the deadweight loss from price ceilings, price floors, and taxes, and work through tax incidence and who actually bears the burden. Then you pivot to monopoly — the opposite of perfect competition — to see why a single seller produces less and charges more than the competitive market would, and how price discrimination changes that picture.