Microeconomics,, 16th Canadian Edition
- Who Gains and Who Loses?
- Policy Alternatives
E. 5.3 An Introduction to Market Efficiency
- Demand as “Value” and Supply as “Cost”
- Economic Surplus and Market Efficiency
- Market Efficiency and Price Controls
- One Final Application: Output Quotas
- A Cautionary Word
F. Summary
- 5.1 Government-Controlled Prices LO 1
- 5.2 Rent Controls: A Case Study of Price Ceilings LO 2
- 5.3 An Introduction to Market Efficiency LO 3, 4
G. Key Concepts
H. Study Exercises
- Fill-in-the-Blank
- Review
- Problems
- 6 Consumer Behaviour
A. Chapter Outline
B. Learning Objectives (LO)
C. 6.1 Marginal Utility and Consumer Choice
- Diminishing Marginal Utility
- Utility Schedules and Graphs
- Maximizing Utility
a. The Consumer’s Maximizing Decision
b. An Alternative Interpretation
c. Is This Realistic?
