AP_Krugman_Textbook

Section

Finance The Open Economy: International Trade and

Module 41 Capital Flows and the Balance of Payments

Module 42 The Foreign Exchange Market

Module 43 Exchange Rate Policy

Module 44 Exchange Rates and Macroeconomic Policy

Module 45 Putting it All Together

Section Microeconomics

Behind the Demand Curve: Consumer Choice

and Elasticity Module 46 Income Effects, Substitution Effects,

Module 47 Interpreting Price Elasticity of Demand

Module 48 Other Elasticities

Module 49 Consumer and Producer Surplus

Module 50 Efficiency and Deadweight Loss

Module 51 Utility Maximization

Section

and Costs Behind the Supply Curve: Profit, Production,

Module 52 Defining Profit

Module 53 Profit Maximization

Module 54 The Production Function

Module 55 Firm Costs

Module 56 Long-Run Costs and Economies of Scale

Module 57 Introduction to Market Structure

Section

and Monopoly Market Structures: Perfect Competition

Module 58 Introduction to Perfect Competition

Module 59 Graphing Perfect Competition

Module 60 Long-Run Outcomes in Perfect Competition

Module 61 Introduction to Monopoly BRIEF CONTENTS ix

Module 62 Monopoly and Public Policy

Module 63 Price Discrimination

Section

Market Structures: Imperfect Competition

Module 64 Introduction to Oligopoly

Module 65 Game Theory

Module 66 Oligopoly in Practice

Module 67 Introduction to Monopolistic Competition

Module 68 Product Differentiation and Advertising

Section

Factor Markets

Module 69 Introduction and Factor Demand

Module 70 The Markets for Land and Capital

Module 71 The Market for Labor

Module 72 The Cost-Minimizing Input Combination

Module 73 Theories of Income Distribution

Section

Market Failure and the Role of Government

Module 74 Introduction to Externalities

Module 75 Externalities and Public Policy

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and Income Distribution

AppendixEnrichment Modules

Module 79 The Economics of Information

Module 80 Indifference Curves and Consumer Choice

Solutions to AP Review Questions S-

Glossary G-

Index I-

Section

Basic Economic Concepts

Module 1The Study of Economics

Individual Choice: The Core of Economics

Resources Are Scarce

What You Must Give Up to Get It

FYI:Got a Penny?

Microeconomics Versus Macroeconomics

Positive Versus Normative Economics

When and Why Economists Disagree

FYI:When Economists Agree

Module 1 AP Review

Module 2 Introduction to Macreconomics

The Business Cycle

FYI:Defining Recessions and Expansions
- Employment, Unemployment, and the Business Cycle
- Aggregate Output and the Business Cycle
- Inflation, Deflation, and Price Stability

Economic Growth
- The Use of Models in Economics

Module 2 AP Review

Module 3The Production Possibilities Curve Model

Trade-offs: The Production Possibilities Curve
- Efficiency
- Opportunity Cost
- Economic Growth

Module 3 AP Review

Module 4Comparative Advantage and Trade

Gains from Trade

Comparative Advantage and Gains from Trade

FYI:Rich Nation, Poor Nation
- Comparative Advantage and International Trade

Module 4 AP Review

Section 1 Review

AppendixGraphs in Economics
- Section
- Supply and Demand
  - Introduction and Demand Module 5Supply and Demand:
- Supply and Demand: A Model of a Competitive Market
- The Demand Curve
  - The Demand Schedule and the Demand Curve
  - Shifts of the Demand Curve
  - Understanding Shifts of the Demand Curve
- FYI:Beating the Traffic
- Module 5 AP Review
  - Supply and Equilibrium Module 6 Supply and Demand:
- The Supply Curve
  - The Supply Schedule and the Supply Curve
  - Shifts of the Supply Curve
  - Understanding Shifts of the Supply Curve
- FYI:Only Creatures Small and Pampered
- Supply, Demand, and Equilibrium
  - Finding the Equilibrium Price and Quantity
  - Place at the Same Time? Why Do All Sales and Purchases in a Market Take
  - Equilibrium Price? Why Does the Market Price Fall If It Is Above the
  - Equilibrium Price? Why Does the Market Price Rise If It Is Below the
  - Using Equilibrium to Describe Markets
  - Changes in Equilibrium Module 7Supply and Demand:
- Changes in Supply and Demand
  - What Happens When the Demand Curve Shifts
  - What Happens When the Supply Curve Shifts
  - Simultaneous Shifts of Supply and Demand Curves
- FYI:The Great Tortilla Crisis
  - Price Controls (Ceilings and Floors) Module 8Supply and Demand:
- Why Governments Control Prices
- Price Ceilings
  - Modeling a Price Ceiling

So Why Are There Price Ceilings? Contents

Price Floors

FYI:Price Floors and School Lunches

How a Price Floor Causes Inefficiency

So Why Are There Price Floors?

Module 8 AP Review

Module 9Supply and Demand: Quality Controls

Controlling Quantities

The Anatomy of Quantity Controls

The Costs of Quantity Controls

FYI:The Clams of New Jersey

Module 9 AP Review

Section 2 Review

Section

Measurement of Economic Performance

Domestic Product Module 10The Circular Flow and Gross

The National Accounts

The Circular-Flow Diagram

Gross Domestic Product

Module 10 AP Review

Product Module 11Interpreting Real Gross Domestic

What GDP Tells Us

Real GDP: A Measure of Aggregate Output

FYI:Creating the National Accounts

Calculating Real GDP

What Real GDP Doesn’t Measure

FYI:Miracle in Venezuela?

Module 11 AP Review

Unemployment Module 12The Meaning and Calculation of

The Unemployment Rate

Defining and Measuring Unemployment

The Significance of the Unemployment Rate

Growth and Unemployment

FYI:Rocky Mountain Low

Module 12 AP Review

Unemployment Module 13The Causes and Categories of

The Natural Rate of Unemployment
- Job Creation and Job Destruction
- Frictional Unemployment
- Structural Unemployment
- The Natural Rate of Unemployment
- Changes in the Natural Rate of Unemployment

FYI:Structural Unemployment in Eastern Germany

Module 13 AP Review

Module 14 Inflation: An Overview

Inflation and Deflation
- The Level of Prices Doesn’t Matter
- But the Rate of Change of Prices Does

FYI:Israel’s Experience with Inflation
- Winners and Losers from Inflation
- Inflation is Easy; Disinflation is Hard

Module 14 AP Review
- of Inflation Module 15The Measurement and Calculation

Prices Indexes and the Aggregate Price Level
- Market Baskets and Price Indexes
- The Consumer Price Index
- Other Price Measures

FYI:Indexing to the CPI

Module 15 AP Review

Section 3 Review

Section

National Income and Price Determination

Module 16Income and Expenditure

The Multiplier: An Informal Introduction

FYI:The Multiplier and the Great Depression

Consumer Spending
- Current Disposable Income and Consumer Spending
- Shifts of the Aggregate Consumption Function

Investment Spending
- The Interest Rate and Investment Spending
- Investment Spending Expected Future Real GDP, Production Capacity, and

Inventories and Unplanned Investment Spending

FYI:Interest Rates and the U.S. Housing Boom

Module 16 AP Review

Determinants Module 17Aggregate Demand: Introduction and

Aggregate Demand

Sloping? Why Is the Aggregate Demand Curve Downward

Shifts of the Aggregate Demand Curve

Module 17 AP Review

Determinants Module 18Aggregate Supply: Introduction and

Aggregate Supply

The Short-Run Aggregate Supply Curve

Shifts of the Short-Run Aggregate Supply Curve

The Long-Run Aggregate Supply Curve

From the Short Run to the Long Run

FYI:Prices and Output During the Great Depression

Module 18 AP Review

Demand—Aggregate Supply Model Module 19Equilibrium in the Aggregate

TheAD–ASModel

Short-Run Macroeconomic Equilibrium

Shifts of Aggregate Demand: Short-Run Effects

Shifts of the SRASCurve

Long-Run Macroeconomic Equilibrium

FYI:Supply Shocks Versus Demand Shocks in Practice

Module 19 AP Review

Demand—Aggregate Supply Model Module 20Economic Policy and the Aggregate

Macroeconomic Policy

Policy in the Face of Demand Shocks

Responding to Supply Shocks

FYI:Is Stabilization Policy Stabilizing?

Fiscal Policy: The Basics

Transfers, and Borrowing Taxes, Government Purchases of Goods and Services,

The Government Budget and Total Spending

Expansionary and Contractionary Fiscal Policy

A Cautionary Note: Lags in Fiscal Policy

Module 20 AP Review

Module 21Fiscal Policy and the Multiplier

Government Policy Using the Multiplier to Estimate the Influence of
- Purchases of Goods and Services Multiplier Effects of an Increase in Government
- Transfers and Taxes Multiplier Effects of Changes in Government
- How Taxes Affect the Multiplier

FYI:About That Stimulus Package

Module 21 AP Review

Section 4 Review

Section

The Financial Sector
- Financial System Module 22Saving, Investment, and the

Matching Up Savings and Investment Spending
- The Savings–Investment Spending Identity

The Financial System
- Three Tasks of a Financial System
- Types of Financial Assets
- Financial Intermediaries

Module 22 AP Review

Module 23Definition and Measurement of Money

The Meaning of Money
- What Is Money?
- Roles of Money
- Types of Money

FYI:The History of the Dollar
- Measuring the Money Supply

FYI:What’s with All the Currency?

Module 23 AP Review

Module 24The Time Value of Money

The Concept of Present Value
- Borrowing, Lending, and Interest
- Defining Present Value
- Using Present Value

FYI:How Big Is That Jackpot, Anyway?

Module 24 AP Review

Module 25Banking and Money Creation

The Monetary Role of Banks

What Banks Do Contents

The Problem of Bank Runs

FYI:It’s a Wonderful Banking System

Bank Regulation

Determining the Money Supply

How Banks Create Money

Reserves, Bank Deposits, and the Money Multiplier

The Money Multiplier in Reality

Module 25 AP Review

History and Structure Module 26The Federal Reserve System—

The Federal Reserve System

Banking System An Overview of the Twenty-first Century American

Twentieth Century Crisis in American Banking at the Turn of the

of the Federal Reserve Responding to Banking Crises: The Creation of

The Structure of the Fed

The Effectiveness of the Federal Reserve System

The Savings and Loan Crisis of the 1980s

Back to the Future: The Financial Crisis of

Module 26 AP Review

Policy Module 27The Federal Reserve—Monetary

The Federal Reserve System

The Functions of the Federal Reserve System

What the Fed Does

The Reserve Requirement

The Discount Rate

Open-Market Operations

FYI:Who Gets the Interest on the Fed’s Assets?

Module 27 AP Review

Module 28The Money Market

The Demand for Money

The Opportunity Cost of Holding Money

FYI:Long-term Interest Rates

The Money Demand Curve

Shifts of the Money Demand Curve

Money and Interest Rates

The Equilibrium Interest Rate

Two Models of the Interest Rate

Module 28 AP Review

Module 29The Market for Loanable Funds
- The Market for Loanable Funds

Reconciling the Two Interest Rate Models
- The Interest Rate in the Short Run
- The Interest Rate in the Long Run

Module 29 AP Review

Section 5 Review

Section

Policies Inflation, Unemployment, and Stabilization
- Policy: Deficits and the Public Debt Module 30Long-run Implications of Fiscal

The Budget Balance
- The Budget Balance as a Measure of Fiscal Policy
- Balance The Business Cycle and the Cyclically Adjusted Budget
- Should the Budget Be Balanced?

Long-Run Implications of Fiscal Policy
- Deficits, Surpluses, and Debt
- Problems Posed by Rising Government Debt
- Deficits and Debt in Practice

FYI:What Happened to the Debt from World War II?
- Implicit Liabilities

FYI:Argentina’s Creditors Take a Haircut

Module 30 AP Review

Module 31Monetary Policy and the Interest Rate

Monetary Policy and the Interest Rate

FYI:The Fed Reverses Course

Monetary Policy and Aggregate Demand
- Expansionary and Contractionary Monetary Policy

Monetary Policy in Practice
- Inflation Targeting

FYI:What the Fed Wants, the Fed Gets

Module 31 AP Review
- Long Run Module 32Money, Output, and Prices in the

Money, Output, and Prices
- the Money Supply Short-Run and Long-Run Effects of an Increase in
- Monetary Neutrality
- in the Long Run Changes in the Money Supply and the Interest Rate

FYI:International Evidence of Monetary Neutrality

Module 32 AP Review

Deflation Module 33Types of Inflation, Disinflation, and

Money and Inflation

The Classical Model of Money and Prices

The Inflation Tax

The Logic of Hyperinflation

FYI:Zimbabwe’s Inflation

Moderate Inflation and Disinflation

The Output Gap and the Unemployment Rate

Module 33 AP Review

The Phillips Curve Module 34Inflation and Unemployment:

The Short-Run Phillips Curve

Phillips Curve Inflation Expectations and the Short-Run

FYI:From the Scary Seventies to the Nifty Nineties

Inflation and Unemployment in the Long Run

The Long-Run Phillips Curve

The Natural Rate of Unemployment, Revisited

FYI:The Great Disinflation of the 1980s

The Costs of Disinflation

Deflation

Debt Deflation

Effects of Expected Deflation

Module 34 AP Review

Macroeconomics Module 35History and Alternative Views of

Classical Macroeconomics

Money and Price Level

The Business Cycle

The Great Depression and the Keynesian Revolution

Keynes’s Theory

Policy to Fight Recessions

FYI:The End of the Great Depression

Challenges to Keynesian Economics

The Revival of the Monetary Policy

Monetarism

Inflation and the Natural Rate of Unemployment

The Political Business Cycle

Classical Macroeconomics Rational Expectations, Real Business Cycles, and New

Rational Expectations

Real Business Cycles

Module 35 AP Review
- Consensus Module 36The Modern Macroeconomic

The Modern Consensus
- Recessions? Is Expansionary Monetary Policy Helpful in Fighting
- Recessions? Is Expansionary Fiscal Policy Effective in Fighting
- Unemployment in the Long Run? Can Monetary and/or Fiscal Policy Reduce
- Should Fiscal Policy Be Used in a Discretionary Way?
- Way? Should Monetary Policy Be Used in a Discretionary

FYI:Supply-Side Economics
- The Clean Little Secret of Macroeconomics

FYI:After the Bubble

Module 36 AP Review

Section 6 Review

Section

Economic Growth and Productivity

Module 37Long-run Economic Growth

Comparing Economies Across Time and Space
- Real GDP per Capita

FYI:India Takes Off
- Growth Rates

FYI:The Walmart Effects

The Sources of Long-run Growth
- The Crucial Importance of Productivity
- Explaining Growth in Productivity

Module 37 AP Review

Module 38Productivity and Growth

Function Accounting for Growth: The Aggregate Production
- What About Natural Resources?

FYI:The Information Technology Paradox

Success, Disappointment, and Failure
- East Asia’s Miracle
- Latin America’s Disappointment
- Africa’s Troubles

FYI:Are Economies Converging?

Module 38 AP Review

Growth Rates Differ Module 39Growth Policy: Why Economic

Why Growth Rates Differ

Capital, Technology, and Growth Differences

FYI:Inventing R&D

Growth The Role of Government in Promoting Economic

FYI:The Brazilian Breadbasket

Is World Growth Sustainable?

Natural Resources and Growth, Revisited

Economic Growth and the Environment

FYI:Coal Comfort on Resources

FYI:The Cost of Climate Protection

Module 39 AP Review

Models Module 40Economic Growth in Macroeconomic

Possibilities Curve Long-run Economic Growth and the Production

and Supply Model Long-run Economic Growth and the Aggregate Demand

Fluctuations Distinguishing Between Long-run Growth and Short-run

Module 40 AP Review

Section 7 Review

Section

Finance The Open Economy: International Trade and

of Payments Module 41Capital Flows and the Balance

Capital Flows and the Balance of Payments

Balance of Payments Accounts

FYI:GDP, GNP, and the Current Account

Modeling the Financial Account

Flows Underlying Determinants of International Capital

FYI:A Global Savings Glut?

Two-way Capital Flows

FYI:The Golden Age of Capital Flows

Module 4 AP Review

Module 42The Foreign Exchange Market

The Role of the Exchange Rate

Understanding Exchange Rates

The Equilibrium Exchange Rate
- Inflation and Real Exchange Rates
- Purchasing Power Parity
- FYI:Burgernomics
- FYI:Low-Cost America
- Module 43Exchange Rate Policy
- Exchange Rate Policy
  - Exchange rate Regimes
  - How Can an Exchange Rate Be Held Fixed?
  - The Exchange Rate Regime Dilemma
- FYI:China Pegs the Yuan
  - Macroeconomic Policy Module 44Exchange Rates and
- Exchange Rates and Macroeconomic Policy
  - Devaluation and Revaluation of fixed Exchange Rates
- FYI:From Bretton Woods to the Euro
  - Regime Monetary Policy Under a Floating Exchange Rate
  - International Business Cycles
- FYI:The Joy of a Devalued Pound
- Module 45Putting It All Together
- A Structure for Macroeconomics Analysis
  - The Starting Point
  - The Pivotal Event
  - The Initial Effect of the Event
  - Secondary and Long-Run Effects of the Event
- Analyzing Our Scenario
- Section 8 Review
- Section
- Behind the Demand Curve: Consumer Choice
  - Effects, and Elasticity Module 46Income Effects, Substitution
- Explaining the Law of Demand
  - The Substitution Effect
  - The Income Effect
- FYI:Giffen Goods
- Defining and Measuring Elasticity
  - Price Elasticities and Tax Incidence
- The Benefits and Costs of Taxation
  - The Revenue from an Excise Tax
  - The Costs of Taxation
- Module 51Utility Maximization
- Utility: It’s All About Getting Satisfaction
  - Utility and Consumption
  - The Principle of Diminishing Marginal Utility
- FYI:Is Marginal Utility Really Diminishing?
- Budgets and Optimal Consumption
  - Budget Constraints and Budget Lines
  - The Optimal Consumption Bundle
- Spending the Marginal Dollar
  - Marginal Utility per Dollar
  - Optimal Consumption
- Section 9 Review
- Section
- and Costs Behind the Supply Curve: Profit, Production,
- Module 52Defining Profit
- Understanding Profit
  - Explicit versus Implicit Costs
  - Accounting Profit versus Economic Profit
- FYI:Farming in the Shadow of Suburbia
  - Normal Profit
- Module 53Profit Maximization
- Maximizing Profit
  - Profit-Maximizing Quantity of Output Using Marginal Analysis to Choose the
  - When Is Production Profitable?
- Module 54The Production Function
- The Production Function
  - Inputs and Output
- FYI:Was Malthus Right?

Calculating the Price Elasticity of Demand CONTENTS xvii

The Midpoint Method An Alternative Way to Calculate Elasticities:

FYI:Estimating Elasticities

Module 46 AP Review

of Demand Module 47Interpreting Price Elasticity

Interpreting the Price Elasticity of Demand

How Elastic is Elastic?

Price Elasticity Along the Demand Curve

of Demand? What Factors Determine the Price Elasticity

FYI:Responding to Your Tuition Bill

Module 47 AP Review

Module 48Other Elasticities

Other Elasticities

The Cross-Price Elasticity of Demand

The Income Elasticity of Demand

FYI:Where Have All the Farmers Gone?

The Price Elasticity of Supply

Measuring the Price Elasticity of Supply

An Elasticity Menagerie

Module 48 AP Review

Module 49Consumer and Producer Surplus

Consumer Surplus and the Demand Curve

Willingness to Pay and the Demand Curve

Willingness to Pay and the Consumer Surplus

How Changing Prices Affect Consumer Surplus

FYI:A Matter of Life and Death

Producer Surplus and the Supply Curve

Cost and Producer Surplus

How Changing Prices Affect Producer Surplus

Module 49 AP Review

Module 50Efficiency and Deadweight Loss

Consumer Surplus, Producer Surplus, and Efficiency

The Gains from Trade

The Efficiency of Markets

Equity and Efficiency

The Effects of Taxes on Total Surplus

The Effect of an Excise Tax on Quantities and Prices

Module 55Firm Costs Contents

From the Production Function to Cost Curves

Two Key Concepts: Marginal Cost and Average Cost

Marginal Cost

Average Cost

Minimum Average Total Cost

Does the Marginal Cost Curve Always Slope Upward?

Module 55 AP Review

of Scale Module 56Long-Run Costs and Economies

Short-Run versus Long-Run Costs

Returns to Scale

Sunk Costs

FYI:There’s No Business Like Snow Business

Summing Up Costs: The Short and Long of It

Module 56 AP Review

Module 57Introduction to Market Structure

Types of Market Structure

Perfect Competition

Two Necessary Conditions for Perfect Competition

FYI:What’s a Standardized Product?

Free Entry and Exit

Monopoly

Defining Monopoly

Why Do Monopolies Exist?

Oligopoly

Is It an Oligopoly or Not?

Monopolistic Competition

Module 57 AP Review

Section 10 Review

Section

and Monopoly Market Structures: Perfect Competition

Module 58Introduction to Perfect Competition

Production and Profits

When Is Production Profitable?

Module 58 AP Review

Module 59Graphing Perfect Competition

Interpreting Perfect Competition Graphs

The Short-Run Production Decision

The Shut-Down Price

Changing Fixed Cost

Profitability and Production Conditions Summing Up: The Perfectly Competitive Firm’s

FYI:Prices Are Up but So Are Costs

Module 59 AP Review
- Competition Module 60Long-Run Outcomes in Perfect

The Industry Supply Curve
- The Short-Run Industry Supply Curve
- The Long-Run Industry Supply Curve
- Equilibrium The Cost of Production and Efficiency in Long-Run

FYI:A Crushing Reversal

Module 60 AP Review

Module 61Introduction to Monopoly

The Monopolist’s Demand Curve and Marginal Revenue

The Monopolist’s Profit-Maximizing Output and Price

Monopoly versus Perfect Competition

of Demand FYI:Monopoly Behavior and the Price Elasticity

Monopoly: The General Picture

Module 61 AP Review

Module 62Monopoly and Public Policy

Welfare Effect of Monopoly

Preventing Monopoly Power

Dealing with a Natural Monopoly
- Public Ownership
- Regulation
- Must Monopoly Be Controlled?

FYI:Cable Dilemmas

Module 62 AP Review

Module 63Price Discrimination

Price Discrimination Defined

The Logic of Price Discrimination

Price Discrimination and Elasticity

Perfect Price Discrimination

Module 63 AP Review

Section 11 Review
- Differentiation by Style or Type
- Differentiation by Location
- Differentiation by Quality

FYI:Any Color, So Long as It’s Black

Controversies About Product Differentiation
- The Role of Advertising
- Brand Names

Module 68 AP Review

Section 12 Review

Section

Factor Markets

Module 69Introduction and Factor Demand

The Economy’s Factors of Production
- The Factors of Production
- of Resources Why Factor Prices Matter: The Allocation
- Factor Incomes and the Distribution of Income
- The Factor Distribution of Income in the United States

Marginal Productivity and Factor Demand
- Value of the Marginal Product
- Value of the Marginal Product and Factor Demand
- Shifts of the Factor Demand Curve

Module 69 AP Review

Module 70The Markets for Land and Capital

Land and Capital
- Demand in the Markets for Land and Capital
- Supply in the Markets for Land and Capital
- Equilibrium in Land and Capital Markets

Marginal Productivity Theory

FYI:Help Wanted!

Module 70 AP Review

Module 71The Market for Labor

The Supply of Labor
- Work versus Leisure
- Wages and Labor Supply
- Shifts of the Labor Supply Curve

Equilibrium in the Labor Market

FYI:The Decline of the Summer Job
- Competitive When the Product Market Is Not Perfectly
- When the Labor Market Is Not Perfectly Competitive

Section

Market Structures: Imperfect Competition

Module 64Introduction to Oligopoly

Understanding Oligopoly

A Duopoly Example

Collusion and Competition

with Quantities Competing with Prices versus Competing

FYI:The Great Vitamin Conspiracy

Module 64 AP Review

Module 65Game Theory

Games Oligopolists Play

The Prisoners’ Dilemma

Interaction and Tacit Collusion Overcoming the Prisoners’ Dilemma: Repeated

FYI:Prisoners of the Arms Race

Module 65 AP Review

Module 66Oligopoly in Practice

The Legal Framework

Tacit Collusion and Price Wars

Large Numbers

Complex Products and Pricing Schemes

Differences in Interests

Bargaining Power of Buyers

FYI:The Art of Conspiracy

Product Differentiation and Price Leadership

How Important is Oligopoly?

Module 66 AP Review

Competition Module 67Introduction to Monopolistic

Understanding Monopolistic Competition

Monopolistic Competition in the Short Run

Monopolistic Competition in the Long Run

FYI:Hits and Flops

Monopolistic Competition versus Perfect Competition

Price, Marginal Cost, and Average Total Cost

Is Monopolistic Competition Inefficient?

Module 67 AP Review

Advertising Module 68Product Differentiation and

How Firms Differentiate Their Products

AP_Krugman_Textbook

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