Principles of Microeconomics

Table of Contents

• Licensing Information

• Preface

• Chapter 1: Economics: The Study of Choice

  • Defining Economics
  • The Field of Economics
  • The Economists’ Tool Kit
  • Review and Practice

• Chapter 2: Confronting Scarcity: Choices in Production

  • Factors of Production
  • The Production Possibilities Curve
  • Applications of the Production Possibilities Model
  • Review and Practice

• Chapter 3: Demand and Supply

  • Demand
  • Supply
  • Demand, Supply, and Equilibrium
  • Review and Practice

• Chapter 4: Applications of Demand and Supply

  • Putting Demand and Supply to Work
  • Government Intervention in Market Prices: Price Floors and Price Ceilings
  • The Market for Health-Care Services
  • Review and Practice

• Chapter 5: Elasticity: A Measure of Response

  • The Price Elasticity of Demand
  • Responsiveness of Demand to Other Factors
  • Price Elasticity of Supply
  • Review and Practice

• Chapter 6: Markets, Maximizers, and Efficiency

  • The Logic of Maximizing Behavior
  • Maximizing in the Marketplace
  • Market Failure
  • Review And Practice

• Chapter 7: The Analysis of Consumer Choice

  • The Concept of Utility
  • Utility Maximization and Demand
  • Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
  • Review and Practice

• Chapter 8: Production and Cost

  • Production Choices and Costs: The Short Run
  • Production Choices and Costs: The Long Run
  • Review and Practice

• Chapter 9: Competitive Markets for Goods and Services

  • Perfect Competition: A Model
  • Output Determination in the Short Run
  • Perfect Competition in the Long Run
  • Review and Practice

• Chapter 10: Monopoly

  • The Nature of Monopoly
  • The Monopoly Model
  • Assessing Monopoly
  • Review and Practice

• Chapter 11: The World of Imperfect Competition

  • Monopolistic Competition: Competition Among Many
  • Oligopoly: Competition Among the Few
  • Extensions of Imperfect Competition: Advertising and Price Discrimination
  • Review and Practice

• Chapter 12: Wages and Employment in Perfect Competition

  • The Demand for Labor
  • The Supply of Labor
  • Labor Markets at Work
  • Review and Practice

• Chapter 13: Interest Rates and the Markets for Capital and Natural Resources

  • Time and Interest Rates
  • Interest Rates and Capital
  • Natural Resources and Conservation
  • Review and Practice

• Chapter 14: Imperfectly Competitive Markets for Factors of Production

  • Price-Setting Buyers: The Case of Monopsony
  • Monopsony and the Minimum Wage
  • Price Setters on the Supply Side
  • Review and Practice

• Chapter 15: Public Finance and Public Choice

  • The Role of Government in a Market Economy
  • Financing Government
  • Choices in the Public Sector
  • Review and Practice

• Chapter 16: Antitrust Policy and Business Regulation

  • Antitrust Laws and Their Interpretation
  • Antitrust and Competitiveness in a Global Economy
  • Regulation: Protecting People from the Market
  • Review and Practice

• Chapter 17: International Trade

  • The Gains from Trade
  • Two-Way Trade
  • Restrictions on International Trade
  • Review and Practice

• Chapter 18: The Economics of the Environment

  • Maximizing the Net Benefits of Pollution
  • Alternatives in Pollution Control
  • Review and Practice

• Chapter 19: Inequality, Poverty, and Discrimination

  • Income Inequality
  • The Economics of Poverty
  • The Economics of Discrimination
  • Review and Practice

• Chapter 20: Socialist Economies in Transition

  • The Theory and Practice of Socialism
  • Socialist Systems in Action
  • Economies in Transition: China and Russia
  • Review and Practice

• Appendix A: Graphs in Economics

  • Appendix Introduction
  • How to Construct and Interpret Graphs
  • Nonlinear Relationships and Graphs without Numbers
  • Using Graphs and Charts to Show Values of Variables