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Contents

  1. Introduction

  2. I. Chapter 1: Foundations of Economics

    1. 1. Foundations of Economics

  3. II. Chapter 2: Productions Possibility Curve or Frontier Model

    1. 2. Productions Possibility Curve or Frontier Model

  4. III. Chapter 3: Demand and Supply

    1. 3. Introduction

    2. 4. Demand, Supply, and Equilibrium in Markets for Goods and Services

    3. 5. Key Concepts and Summary

    4. 6. Self-Check Questions

    5. 7. Shifts in Demand and Supply for Goods and Services

    6. 8. Chapter 3 Key Terms

    7. 9. Changes in Equilibrium Price and Quantity: The Four-Step Process

    8. 10. Problems

    9. 11. Price Ceilings and Price Floors

    10. 12. Critical Thinking Questions

    11. 13. Review Questions

  5. IV. Chapter 4: Elasticity

    1. 14. Introduction

    2. 15. Price Elasticity of Demand and Price Elasticity of Supply

    3. 16. Polar Cases of Elasticity and Constant Elasticity

    4. 17. Elasticity and Pricing

    5. 18. Elasticity in Areas Other Than Price

    6. 19. Key Terms

    7. 20. Key Concepts and Summary

    8. 21. Self Check Questions

    9. 22. Review Questions

    10. 23. Critical Thinking Questions

    11. 24. Problems

  6. V. Chapter 5: Consumer Choices

    1. 25. Introduction

    2. 26. Consumption Choices

    3. 27. How Changes in Income and Prices Affect Consumption Choices

    4. 28. Behavioral Economics: An Alternative Framework for Consumer Choice

    5. 29. Key Terms

    6. 30. Key Concepts and Summary

    7. 31. Self Check Questions

    8. 32. Review Questions

    9. 33. Critical Thinking Questions

    10. 34. Problems

  7. VI. Chapter 6: Production, Costs, and Industry Structure

    1. 35. Introduction

    2. 36. Explicit and Implicit Costs, and Accounting and Economic Profit

    3. 37. Production in the Short Run

    4. 38. Costs in the Short Run

    5. 39. Production in the Long Run

    6. 40. Costs in the Long Run

    7. 41. Key Terms

    8. 42. Key Concepts and Summary

    9. 43. Self-Check Questions

    10. 44. Review Questions

    11. 45. Problems

  8. VII. Chapter 7: Perfect Competition

    1. 46. Introduction

    2. 47. Perfect Competition and Why It Matters

    3. 48. How Perfectly Competitive Firms Make Output Decisions

    4. 49. Entry and Exit Decisions in the Long Run

    5. 50. Efficiency in Perfectly Competitive Markets

    6. 51. Key Terms

    7. 52. Key Concepts and Summary

    8. 53. Self Check Questions

    9. 54. Review Questions

    10. 55. Critical Thinking Questions

    11. 56. Problems

  9. VIII. Chapter 8: Monopoly

    1. 57. Introduction

    2. 58. How Monopolies Form: Barriers to Entry

    3. 59. How a Profit Maximizing Monopoly Chooses Output and Price

    4. 60. Key Terms

    5. 61. Key Concepts and Summary

    6. 62. Self Check Questions

    7. 63. Review Questions

    8. 64. Critical Thinking Questions

    9. 65. Problems

  10. IX. Chapter 9: Monopolistic Competition and Oligopoly

    1. 66. Problems

    2. 67. Introduction

    3. 68. Monopolisitc Competition

    4. 69. Oligopoly

    5. 70. Key Terms

    6. 71. Key Concepts and Summary

    7. 72. Self Check Questions

    8. 73. Review Questions

    9. 74. Critical Thinking Questions

  11. X. Chapter 10: Monopoly and Antitrust Policy

    1. 75. Introduction

    2. 76. Corporate Mergers

    3. 77. Regulating Anticompetitive Behavior

    4. 78. Regulating Natural Monopolies

    5. 79. The Great Deregulation Experiement

    6. 80. Key Terms

    7. 81. Key Concepts and Summary

    8. 82. Self Check Questions

    9. 83. Review Questions

    10. 84. Critical Thinking Questions

    11. 85. Problems

  12. XI. Chapter 11: Environmental Protection and Negative Externalities

    1. 86. Introduction

    2. 87. The Economies of Pollution

    3. 88. Command and Control Regulation

    4. 89. Market Oriented Environmental Tools

    5. 90. The Benefits and Costs of U.S. Environmental Laws

    6. 91. International Environmental Issues

    7. 92. The Tradeoff between Economic Output and Environmental Protection

    8. 93. Key Terms

    9. 94. Key Concepts and Summary

    10. 95. Self Check Questions

    11. 96. Review Questions

    12. 97. Critical Thinking Questions

    13. 98. Problems

  13. XII. Chapter 12: Positive Externalities and Public Goods

    1. 99. Introduction

    2. 100. Investments in Innovation

    3. 101. How Governments Can Encourage Innovation

    4. 102. Public Goods

    5. 103. Key Terms

    6. 104. Key Concepts and Summary

    7. 105. Self Check Questions

    8. 106. Review Questions

    9. 107. Critical Thinking Questions

    10. 108. Problems

  14. XIII. Chapter 13: International Trade

    1. 109. Introduction

    2. 110. Absolute and Comparative Advantage

    3. 111. What Happens When a Country Has an Absolute Advantage in All Goods

    4. 112. The Benefits of Reducing Barriers to International Trade

    5. 113. Key Terms

    6. 114. Key Concepts and Summary

    7. 115. Self Check Questions

    8. 116. Review Questions

    9. 117. Critical Thinking Questions

    10. 118. Problems

  15. XIV. Chapter 14: Globalization and Protectionism

    1. 119. Introduction

    2. 120. Protectionism: An Indirect Subsidy from Consumers to Producers

    3. 121. International Trade and Its Effects on Jobs, Wages, and Working Conditions

    4. 122. Arguments in Support of Restricting Imports

    5. 123. The Tradeoffs of Trade Policy

    6. 124. Key Terms

    7. 125. Key Concepts and Summary

    8. 126. Self Check Questions

    9. 127. Review Questions

    10. 128. Critical Thinking Questions

    11. 129. Problems

    1. 130. Chapter 3 Demand and Supply Answer Key

    2. 131. Chapter 4 Elasticity Answer Key

    3. 132. Chapter 5 Consumer Choices Answer Key

    4. 133. Chapter 6 Production, Costs, and Industry Structure Answer Key

    5. 134. Chapter 7 Perfect Competition Answer Key

    6. 135. Chapter 8 Monopoly Answer Key

    7. 136. Chapter 9 Monopolistic Competition and Oligopoly Answer Key

    8. 137. Chapter 10 Monopoly and Antitrust Policy Answer Key

    9. 138. Chapter 11 Environmental Protection and Negative Externalities Answer Key

    10. 139. Chapter 12 Positive Externalities and Public Goods Answer Key

    11. 140. Chapter 13 International Trade Answer Key

    12. 141. Chapter 14 Globalization and Protectionism Answer Key

    1. 142. Appendix A The Use of Mathematics in Principles of Economics

    2. 143. Appendix B Present Discounted Value

  18. References