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1 SB uc-sci-ics, uc-« na- ons It a ess. aU.J lilel •urs] SECTION I: EXCHANGE p. 1 Introduction Prices Middlemen Specializauon Cooperation Property Rigiits and Human Rights Competition Models Scarcit) and Opportunity Cost Shifts in the Production Possibilities Frontier Comparative Advantage and Trade Terms of Trade Questions SECTION : DEMAND p. 21 J Individual Demand Market Demand Demaiid and the Quantity Demanded Consumer Surplus Demand and Utilit)-Priorities Questions SECTION 1 : SUPPLY and EQUILIBRIUM p. 41 Firm Supply Market Supply Supply and the Quanuty Supplied Equilibrium Price Ceilings Price Floors Ticket Scalping An \ \\- of the Product Market An Overwew of the Labor Market Price-Takers Demand and Supply Curves Price-Makers Demand Curves Questions -lit-
SECTION IV: MARKET FORCES p. 59 Changes in Demand Changes in Supply Simultaneous Shifts Prices as Informadon The Competition for Rental Housing Excise Taxes Subsidies Speculation Price Elasticity of Demand Elasticity and Total Revenue The Determinants of Elasticity Measures of Elasticity Comparing Elasticities The Elasticity of Supply Other Elasticities Empirical Calculation of Demand and Supply Elasticities The Farm Problem Questions Review Questions for Sections I-IV SECTION V: THE COMPETITIVE FIRM p. 101 Marginal/Average Relations The Short Run and Long Run Short Run Total and Variable Cost Curves Short Run Average Total and Average Variable Cost Curves Short Run Margmal Cost Curves Industry and Firm Demand Curves Profit Maximizing Output Efficiency and The Social Optimum Profits, Shutdown, and Operating at a Loss in the Short Run The Long Run Cost Curves of the Firm Industry Supply in the Short Run and the Long Run Resource Conservation Competition and Rivalry The Returns to Stockholders Algebraic Relations Questions
1 *i ION VI: MONOPOLY AND ITS SOURCES p. 131 Monopoly Demand Curve Price Searchers Marginal Revenue Elasticity and Marginal Revenue Monopoly Output and Price Efficiency Discriminating Monopoly Government Barriers to Entry Resource Barriers to Entry Cost Barriers to Entry The Dilemma of Natural Monopoly Regulation Monopoly Power and Barriers to Entry Suppressing Inventions Questions ION Vn: OTHER PRICESEARCHERS MARKETS Monopolistic Competition Oligopoly Joint Profit Maximizing Cartels Government Supported Cartels Kinked Demand Curve Oligopoly Oligopoly in the American Economy Bnind Names Advertising Questions p. 151
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