We determine the effective prepotential for N = 2 supersymmetric SU(N-
c) gauge theories with an arbitrary number of flavors N-f < 2N(c), fro
m the exact solution constructed out of spectral curves. The prepotent
ial is the same for the several models of spectral curves proposed in
the literature, It has to all orders the logarithmic singularities of
the one-loop perturbative corrections, thus confirming the non-renorma
lization theorems from supersymmetry. In particular, the renormalized
order parameters and their duals have all the correct monodromy transf
ormations prescribed at weak coupling. We evaluate explicitly the cont
ributions of 1- and 2-instanton processes. (C) 1997 Elsevier Science B
.V.