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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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