Starting with basic economic concepts, such as price elasticity, price discrimination, and scale effects, students will gain insight into modern business strategy and be able to apply it in the real world. Questions that are explored include: Why are some firms and industries more profitable than others? What economic tools do managers use to help them increase market power and create barriers to entry? How do leading firms in the new information economy differ from successful firms of the past? What are the reasons for and consequences of increasing concentration in many industries? Has antitrust law been effective? Students who have already completed ECONOM 4351 are not eligible to earn credit for ECONOM 3251. Prerequisites: (MATH 1400 or MATH 1500 or equivalent) and (ECONOM 1000 or ECONOM 1014 or ABM 1041).