(Same as ECON 158). This course examines public policies for dealing with problems arising in markets in which competitive forces are weak. The focus is on monopolies, oligopolies, cartels, and other environments where market mechanisms are unlikely to produce outcomes that benefit consumers more than the alternatives involving costly government intervention. The two main areas examined are competition policy and economic regulation. Competition policy refers to policies that define certain market behavior as illegal because it is harmful to competition. Economic regulation refers to policies in which government controls prices and/or decides which firms can participate in a market. Other areas of regulation, such as product and workplace safety standards, are not included in this course.