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Table of Contents

    • About the Authors
    • Acknowledgments
    • Dedication
    • Preface
    • 1Economics: The Study of Choice
      • 1.1Start Up: Economics in the News
      • 1.2Defining Economics
      • 1.3The Field of Economics
      • 1.4The Economist’s Tool Kit
      • 1.5Review and Practice
    • 2Confronting Scarcity: Choices in Production

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      • 2.1Start Up: An Attempt to Produce Safer Air Travel

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      • 2.2Factors of Production

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      • 2.3The Production Possibilities Curve

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      • 2.4Applications of the Production Possibilities Model

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      • 2.5Review and Practice

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    • 3Demand and Supply

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      • 3.1Start Up: Crazy for Coffee

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      • 3.2Demand

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      • 3.3Supply

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      • 3.4Demand, Supply, and Equilibrium

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      • 3.5Review and Practice

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    • 4Applications of Demand and Supply

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      • 4.1Start Up: Better. Faster. Cheaper.

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      • 4.2Putting Demand and Supply to Work

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      • 4.3Government Intervention in Markets: Price Floors and Price Ceilings

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      • 4.4Government Intervention in Markets: Taxes

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      • 4.5Review and Practice

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    • 5Elasticity: A Measure of Response

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      • 5.1Start Up: Raise Fares? Lower Fares? What’s a Public Transit Manager to Do?

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      • 5.2The Price Elasticity of Demand

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      • 5.3Responsiveness of Demand to Other Factors

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      • 5.4Price Elasticity of Supply and Putting It All Together

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      • 5.5Review and Practice

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    • 6Markets, Maximizers, and Efficiency

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      • 6.1Start Up: A Drive in the Country

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      • 6.2The Logic of Maximizing Behavior

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      • 6.3Maximizing in the Marketplace

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      • 6.4Market Failure

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      • 6.5Review and Practice

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    • 7The Analysis of Consumer Choice

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      • 7.1Start Up: A Day at the Grocery Store

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      • 7.2The Concept of Utility

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      • 7.3Utility Maximization and Demand

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      • 7.4Review and Practice

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    • 8Production and Cost

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      • 8.1Start Up: Street Cleaning Around the World

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      • 8.2Production Choices and Costs: The Short Run

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      • 8.3Production Choices and Costs: The Long Run

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      • 8.4Review and Practice

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    • 9Competitive Markets for Goods and Services

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      • 9.1Start Up: Always on the Margin; Always on the Edge

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      • 9.2Perfect Competition: A Model

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      • 9.3Profit Maximization in the Short Run

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      • 9.4Perfect Competition in the Long Run

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      • 9.5Review and Practice

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    • 10Monopoly

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      • 10.1Start Up: Surrounded by Monopolies

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      • 10.2The Nature of Monopoly

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      • 10.3The Monopoly Model

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      • 10.4Assessing Monopoly

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      • 10.5Review and Practice

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    • 11The World of Imperfect Competition

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      • 11.1Start Up: Looking at the World Through Cash-Colored Glasses

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      • 11.2Monopolistic Competition: Competition Among the Many

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      • 11.3Oligopoly: Competition Among the Few

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      • 11.4Extensions of Imperfect Competition: Advertising and Price Discrimination

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      • 11.5Review and Practice

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    • 12Factor Markets

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      • 12.1Start Up: College Pays

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      • 12.2Labor Markets: Demand and Supply

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      • 12.3Labor Markets in Perfect Competition

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      • 12.4Imperfectly Competitive Labor Markets: Monopoly and Monopsony

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      • 12.5Review and Practice

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    • 13Public Finance and Public Choice

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      • 13.1Start Up: Your Tax Dollars at Work

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      • 13.2The Role of Government in a Market Economy

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      • 13.3Financing Government

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      • 13.4Choices in the Public Sector

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      • 13.5Review and Practice

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    • 14International Trade

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      • 14.1Start Up: Support Your Local Poet

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      • 14.2The Gains from Trade

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      • 14.3Partial Equilibrium and Two-Way Trade

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      • 14.4Restrictions on International Trade

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      • 14.5Review and Practice

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    • 15The Economics of the Environment and Natural Resources

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      • 15.1Start Up: Environmental Headwinds

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      • 15.2Maximizing the Net Benefits of Pollution

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      • 15.3Alternatives in Pollution Control

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      • 15.4Natural Resources and Conservation

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      • 15.5Review and Practice

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    • 16Inequality, Poverty, and Discrimination

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      • 16.1Start Up: Occupy Wall Street; Change the World?

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      • 16.2Income Inequality

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      • 16.3The Economics of Poverty

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      • 16.4The Economics of Discrimination

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      • 16.5Review and Practice

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    • AGraphs in Economics

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      • A.1Graphs in Economics

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      • A.2Nonlinear Relationships and Graphs Without Numbers

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      • A.3Using Graphs and Charts to Show Values of Variables

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      • A.4Review and Practice

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    • BIndifference Curve Analysis of Consumer Choice

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      • B.1Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice

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      • B.2Review and Practice

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