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Table of Contents

    • About the Authors
    • Acknowledgments
    • Preface
    • 1The Central Idea
      • 1.1Scarcity and Choice for Individuals
      • 1.2Scarcity and Choice for the Economy as a Whole
      • 1.3Market Economies and the Price System
      • 1.4End-of-Chapter Material
    • 2Observing and Explaining the Economy

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      • 2.1Why Has Driving Shifted into Reverse?

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      • 2.2Variables, Correlation, and Causation

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      • 2.3Economic Policies

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      • 2.4End-of-Chapter Material

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      • 2.5Appendix: Reading, Understanding, and Creating Graphs

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    • 3The Supply and Demand Model

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      • 3.1Demand

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      • 3.2Supply

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      • 3.3Market Equilibrium: Combining Supply and Demand

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      • 3.4End-of-Chapter Material

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    • 4Subtleties of the Supply and Demand Model

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      • 4.1Interference with Market Prices

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      • 4.2Elasticity of Demand

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      • 4.3Working with Demand Elasticities

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      • 4.4Elasticity of Supply

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      • 4.5End-of-Chapter Material

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    • 5The Demand Curve and the Behavior of Consumers

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      • 5.1Utility and Consumer Preferences

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      • 5.2The Budget Constraint and Utility Maximization

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      • 5.3Willingness to Pay and the Demand Curve

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      • 5.4The Market Demand Curve

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      • 5.5Consumer Surplus

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      • 5.6End-of-Chapter Materials

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      • 5.7Appendix: Consumer Theory with Indifference Curves

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    • 6The Supply Curve and the Behavior of Firms

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      • 6.1Definition of a Firm

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      • 6.2The Firm's Profits

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      • 6.3Profit Maximization and the Individual Firm

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      • 6.4The Market Supply Curve

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      • 6.5Producer Surplus

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      • 6.6End-of-Chapter Materials

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    • 7The Efficiency of Markets

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      • 7.1Individual Consumers and Firms in a Market

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      • 7.2A Double-Auction Market

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      • 7.3Are Competitive Markets Efficient?

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      • 7.4Measuring Waste from Inefficiency

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      • 7.5The Deadweight Loss from Taxes and Subsidies

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      • 7.6The Deadweight Loss from Price Floors and Ceilings

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      • 7.7Informational Efficiency

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      • 7.8End-of-Chapter Materials

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    • 8Costs and the Changes at Firms Over Time

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      • 8.1Costs for an Individual Firm

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      • 8.2Cost Curves

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      • 8.3The Production Decision in the Short Run

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      • 8.4Cost and Production: The Long Run

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      • 8.5Economies of Scale

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      • 8.6End-of-Chapter Materials

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      • 8.7Appendix: Producer Theory with Isoquants

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    • 9The Rise and Fall of Industries

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      • 9.1Markets and Industries

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      • 9.2The Long-Run Competitive Equilibrium Model of an Industry

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      • 9.3External Economies and Diseconomies of Scale

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      • 9.4End-of-Chapter Materials

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    • 10Monopoly

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      • 10.1A Model of Monopoly

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      • 10.2The Generic Diagram of a Monopoly and Its Profits

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      • 10.3Competition, Monopoly, and Deadweight Loss

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      • 10.4Why Monopolies Exist

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      • 10.5Price Discrimination

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      • 10.6End-of-Chapter Materials

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    • 11Product Differentiation, Monopolistic Competition, and Oligopoly

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      • 11.1Product Differentiation

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      • 11.2Monopolistic Competition

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      • 11.3Oligopoly

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      • 11.4End-of-Chapter Materials

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    • 12Antitrust Policy and Regulation

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      • 12.1Antitrust Policy

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      • 12.2Regulating Natural Monopolies

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      • 12.3To Regulate or Not to Regulate

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      • 12.4End-of-Chapter Materials

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    • 13Labor Markets

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      • 13.1The Measurement of Wages

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      • 13.2The Labor Market

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      • 13.3Labor Demand

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      • 13.4Labor Supply

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      • 13.5Explaining Wage Trends and Differences

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      • 13.6Monopsony

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      • 13.7Labor Unions

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      • 13.8End-of-Chapter Materials

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    • 14Taxes, Transfers, and Income Distribution

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      • 14.1The Tax System

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      • 14.2Transfer Payments

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      • 14.3The Distribution of Income in the United States

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      • 14.4End-of-Chapter Materials

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    • 15Public Goods, Externalities, and Government Behavior

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      • 15.1Public Goods

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      • 15.2Externalities: From the Environment to Education

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      • 15.3Remedies for Externalities

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      • 15.4Models of Government Behavior

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      • 15.5End-of-Chapter Materials

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    • 16Capital and Financial Markets

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      • 16.1The Distinction between Physical Capital and Financial Capital

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      • 16.2Markets for Physical Capital

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      • 16.3Markets for Financial Capital

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      • 16.4The Trade-off between Risk and Returns

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      • 16.5Corporate Governance Problems

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      • 16.6The Role of Government in Financial Markets

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      • 16.7End-of-Chapter Material

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      • 16.8Appendix: Present Discounted Value

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