This is a second course of Intermediate Microeconomics. This course examines the performance, benefits, and drawbacks of various institutions used to allocate resources, with a focus on markets. We'll integrate concepts from introductory microeconomics with new concepts from social choice, game theory, and mechanism design. We'll start by talking about how to evaluate social results from a social standpoint, taking into account the desires of various members of society. Later, we'll look at a stylized model of fully competitive markets that can provide desired results under ideal conditions. Then, we'll look at market power, public goods, externalities, and information frictions as potential sources of market failure. We'll wrap off by looking at some alternate strategies for dealing with similar problems.