- 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
- Module 6 AP Review
- 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
- Module 7 AP Review
- 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
- Module 29The Market for Loanable Funds
- 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 42 AP Review
- 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
- Module 43 AP Review
- 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 44 AP Review
- 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
- Module 45 AP Review
- 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 50 AP Review
- 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
- Module 51 AP Review
- 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 52 AP Review
- Module 53Profit Maximization
- Maximizing Profit
- Profit-Maximizing Quantity of Output Using Marginal Analysis to Choose the
- When Is Production Profitable?
- Module 53 AP Review
- Module 54The Production Function
- The Production Function
- Inputs and Output
- FYI:Was Malthus Right?
- Module 54 AP Review
- 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
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