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Table of Contents

    • About the Authors
    • Acknowledgments
    • Preface
    • 1Economics: The Study of Choice
      • 1.1Start Up: Economics in the News
      • 1.2Defining Economics
      • 1.3The Field of Economics
      • 1.4The Economists’ 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: A Composer Logs On

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      • 4.2Putting Demand and Supply to Work

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      • 4.3Government Intervention in Market Prices: Price Floors and Price Ceilings

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      • 4.4The Market for Health-Care Services

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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

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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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      • 7.4Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice

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      • 7.5Review 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: Life on the Farm

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      • 9.2Perfect Competition: A Model

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      • 9.3Output Determination 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: The Excitement of Groupon: What Rivals Will It Face?

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      • 11.2Monopolistic Competition: Competition Among 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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    • 12Antitrust Policy and Business Regulation

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      • 12.1Start Up: The Plastic War

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      • 12.2Antitrust Laws and Their Interpretation

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      • 12.3Antitrust and Competitiveness in a Global Economy

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      • 12.4Regulation: Protecting People from the Market

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      • 12.5Review and Practice

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    • 13The Economics of the Environment

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      • 13.1Start Up: A Market for Carbon Emissions

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      • 13.2Maximizing the Net Benefits of Pollution

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      • 13.3Alternatives in Pollution Control

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      • 13.4Review and Practice

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    • AAppendix A: Graphs in Economics

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      • A.1How to Construct and Interpret Graphs

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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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