Principles of Microeconomics 3e

by OpenStax

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Principles of Microeconomics 3e covers the scope and sequence of most one semester introductory microeconomics courses. The third edition takes a balanced approach to the theory and application of microeconomics concepts. The text uses conversational language and ample illustrations to explore economic theories, and provides a wide array of examples using both fictional and real-world applications. The third edition has been carefully and thoroughly updated to reflect recent developments.

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Subjects
Social Sciences
Licence
CC BY 4.0, as LibreTexts states it
Who can read
Teens profiles and older, judged from its title and subjects

Contents

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  1. 00: Front Matter
  2. Table of Contents
  3. 1.1: Welcome to Economics!
  4. 1.1.1: Introduction
  5. 1.1.2: What Is Economics, and Why Is It Important?
  6. 1.1.3: Microeconomics and Macroeconomics
  7. 1.1.4: How Economists Use Theories and Models to Understand Economic Issues
  8. 1.1.5: How To Organize Economies- An Overview of Economic Systems
  9. 1.1.6: Key Terms
  10. 1.1.7: Key Concepts and Summary
  11. 1.1.8: Self-Check Questions
  12. 1.1.9: Review Questions
  13. 1.1.10: Critical Thinking Questions
  14. 1.2: Choice in a World of Scarcity
  15. 1.2.1: Introduction
  16. 1.2.2: How Individuals Make Choices Based on Their Budget Constraint
  17. 1.2.3: The Production Possibilities Frontier and Social Choices
  18. 1.2.4: Confronting Objections to the Economic Approach
  19. 1.2.5: Key Terms
  20. 1.2.6: Key Concepts and Summary
  21. 1.2.7: Self-Check Questions
  22. 1.2.8: Review Questions
  23. 1.2.9: Critical Thinking Questions
  24. 1.2.10: Problems
  25. 1.3: Demand and Supply
  26. 1.3.1: Introduction
  27. 1.3.2: Free Markets and Efficiency
  28. 1.3.3: Free Markets – Enhanced Growth
  29. 1.3.3.1: Free Markets - Sustainability
  30. 1.3.3.1.1: Free Markets – Enhanced Growth
  31. 1.3.4: Demand, Supply, and Equilibrium in Markets for Goods and Services
  32. 1.3.5: Shifts in Demand and Supply for Goods and Services
  33. 1.3.6: Changes in Equilibrium Price and Quantity- The Four-Step Process
  34. 1.3.7: Price Ceilings and Price Floors
  35. 1.3.8: Demand, Supply, and Efficiency
  36. 1.3.9: Key Terms
  37. 1.3.10: Key Concepts and Summary
  38. 1.3.11: Self-Check Questions
  39. 1.3.12: Review Questions
  40. 1.3.13: Critical Thinking Questions
  41. 1.3.14: Problems
  42. 1.4: Elasticity
  43. 1.4.1: Introduction
  44. 1.4.2: Rubber Band Theory
  45. 1.4.3: Price Elasticity of Demand and Price Elasticity of Supply
  46. 1.4.4: Polar Cases of Elasticity and Constant Elasticity
  47. 1.4.5: Elasticity and Pricing
  48. 1.4.6: Elasticity in Areas Other Than Price
  49. 1.4.7: Key Terms
  50. 1.4.8: Key Concepts and Summary
  51. 1.4.9: Self-Check Questions
  52. 1.4.10: Review Questions
  53. 1.4.11: Critical Thinking Questions
  54. 1.4.12: Problems
  55. 1.5: Poverty and Economic Inequality
  56. 1.5.1: Introduction
  57. 1.5.2: Drawing the Poverty Line
  58. 1.5.3: The Poverty Trap
  59. 1.5.4: The Safety Net
  60. 1.5.5: Income Inequality- Measurement and Causes
  61. 1.5.6: Government Policies to Reduce Income Inequality
  62. 1.5.7: Key Terms
  63. 1.5.8: Key Concepts and Summary
  64. 1.5.9: Self-Check Questions
  65. 1.5.10: Review Questions
  66. 1.5.11: Critical Thinking Questions
  67. 1.5.12: Problems
  68. 1.6: Environmental Protection and Negative Externalities
  69. 1.6.1: Introduction
  70. 1.6.2: The Economics of Pollution
  71. 1.6.3: Command-and-Control Regulation
  72. 1.6.4: Market-Oriented Environmental Tools
  73. 1.6.5: The Benefits and Costs of U.S. Environmental Laws
  74. 1.6.6: International Environmental Issues
  75. 1.6.7: The Tradeoff between Economic Output and Environmental Protection
  76. 1.6.8: Key Terms
  77. 1.6.9: Key Concepts and Summary
  78. 1.6.10: Self-Check Questions
  79. 1.6.11: Review Questions
  80. 1.6.12: Critical Thinking Questions
  81. 1.6.13: Problems
  82. 1.7: Positive Externalities and Public Goods
  83. 1.7.1: Introduction
  84. 1.7.2: Investments in Innovation
  85. 1.7.3: How Governments Can Encourage Innovation
  86. 1.7.4: Public Goods
  87. 1.7.5: Key Terms
  88. 1.7.6: Key Concepts and Summary
  89. 1.7.7: Self-Check Questions
  90. 1.7.8: Review Questions
  91. 1.7.9: Critical Thinking Questions
  92. 1.7.10: Problems
  93. 1.8: Production, Costs, and Industry Structure
  94. 1.8.1: Introduction
  95. 1.8.2: Explicit and Implicit Costs, and Accounting and Economic Profit
  96. 1.8.3: Production in the Short Run
  97. 1.8.4: Costs in the Short Run
  98. 1.8.5: Production in the Long Run
  99. 1.8.6: Costs in the Long Run
  100. 1.8.7: Key Terms
  101. 1.8.8: Key Concepts and Summary
  102. 1.8.9: Self-Check Questions
  103. 1.8.10: Review Questions
  104. 1.8.11: Critical Thinking Questions
  105. 1.8.12: Problems
  106. 1.9: Perfect Competition
  107. 1.9.1: Introduction
  108. 1.9.2: Perfect Competition and Why It Matters
  109. 1.9.3: How Perfectly Competitive Firms Make Output Decisions
  110. 1.9.4: Entry and Exit Decisions in the Long Run
  111. 1.9.5: Efficiency in Perfectly Competitive Markets
  112. 1.9.6: Key Terms
  113. 1.9.7: Key Concepts and Summary
  114. 1.9.8: Self-Check Questions
  115. 1.9.9: Review Questions
  116. 1.9.10: Critical Thinking Questions
  117. 1.9.11: Problems
  118. 1.10: Monopoly
  119. 1.10.1: Introduction
  120. 1.10.2: Market Environment
  121. 1.10.3: How Monopolies Form- Barriers to Entry
  122. 1.10.4: How a Profit-Maximizing Monopoly Chooses Output and Price
  123. 1.10.5: Key Terms
  124. 1.10.6: Key Concepts and Summary
  125. 1.10.7: Self-Check Questions
  126. 1.10.8: Review Questions
  127. 1.10.9: Critical Thinking Questions
  128. 1.10.10: Problems
  129. 1.11: Monopolistic Competition and Oligopoly
  130. 1.11.1: Introduction
  131. 1.11.2: Monopolistic Competition
  132. 1.11.3: Oligopoly
  133. 1.11.4: Matrix Games
  134. 1.11.5: Nash Equilibrium
  135. 1.11.6: Mixed Strategies
  136. 1.11.7: Subgame Perfection
  137. 1.11.8: Examples
  138. 1.11.9: Key Terms
  139. 1.11.10: Key Concepts and Summary
  140. 1.11.11: Self-Check Questions
  141. 1.11.12: Review Questions
  142. 1.11.13: Critical Thinking Questions
  143. 1.11.14: Problems
  144. 1.12: Monopoly and Antitrust Policy
  145. 1.12.1: Introduction
  146. 1.12.2: Corporate Mergers
  147. 1.12.3: Regulating Anticompetitive Behavior
  148. 1.12.4: Regulating Natural Monopolies
  149. 1.12.5: The Great Deregulation Experiment
  150. 1.12.6: Key Terms
  151. 1.12.7: Key Concepts and Summary
  152. 1.12.8: Self-Check Questions
  153. 1.12.9: Review Questions
  154. 1.12.10: Critical Thinking Questions
  155. 1.12.11: Problems
  156. 1.13: Consumer Choices
  157. 1.13.1: Introduction
  158. 1.13.2: Consumption Choices
  159. 1.13.3: How Changes in Income and Prices Affect Consumption Choices
  160. 1.13.4: Behavioral Economics- An Alternative Framework for Consumer Choice
  161. 1.13.5: Key Terms
  162. 1.13.6: Key Concepts and Summary
  163. 1.13.7: Self-Check Questions
  164. 1.13.8: Review Questions
  165. 1.13.9: Critical Thinking Questions
  166. 1.13.10: Problems
  167. 1.14: Labor and Financial Markets
  168. 1.14.1: Introduction
  169. 1.14.2: Demand and Supply at Work in Labor Markets
  170. 1.14.3: Demand and Supply in Financial Markets
  171. 1.14.4: The Market System as an Efficient Mechanism for Information
  172. 1.14.5: Key Terms
  173. 1.14.6: Key Concepts and Summary
  174. 1.14.7: Self-Check Questions
  175. 1.14.8: Review Questions
  176. 1.14.9: Critical Thinking Questions
  177. 1.14.10: Problems
  178. 1.15: Labor Markets and Income
  179. 1.15.1: Introduction
  180. 1.15.2: The Theory of Labor Markets
  181. 1.15.3: Wages and Employment in an Imperfectly Competitive Labor Market
  182. 1.15.4: Market Power on the Supply Side of Labor Markets- Unions
  183. 1.15.5: Bilateral Monopoly
  184. 1.15.6: Employment Discrimination
  185. 1.15.7: Immigration
  186. 1.15.8: Key Terms
  187. 1.15.9: Key Concepts and Summary
  188. 1.15.10: Self-Check Questions
  189. 1.15.11: Review Questions
  190. 1.15.12: Critical Thinking Questions
  191. 1.16: Information, Risk, and Insurance
  192. 1.16.1: Introduction
  193. 1.16.2: The Problem of Imperfect Information and Asymmetric Information
  194. 1.16.3: Insurance and Imperfect Information
  195. 1.16.4: Key Terms
  196. 1.16.5: Key Concepts and Summary
  197. 1.16.6: Self-Check Questions
  198. 1.16.7: Review Questions
  199. 1.16.8: Critical Thinking Questions
  200. 1.16.9: Problems
  201. 1.17: Financial Markets
  202. 1.17.1: Introduction
  203. 1.17.2: How Businesses Raise Financial Capital
  204. 1.17.3: How Households Supply Financial Capital
  205. 1.17.4: How to Accumulate Personal Wealth
  206. 1.17.5: Key Terms
  207. 1.17.6: Key Concepts and Summary
  208. 1.17.7: Self-Check Questions
  209. 1.17.8: Review Questions
  210. 1.17.9: Critical Thinking Questions
  211. 1.17.10: Problems
  212. 1.18: Public Economy
  213. 1.18.1: Introduction
  214. 1.18.2: Voter Participation and Costs of Elections
  215. 1.18.3: Special Interest Politics
  216. 1.18.4: Flaws in the Democratic System of Government
  217. 1.18.5: Key Terms
  218. 1.18.6: Key Concepts and Summary
  219. 1.18.7: Self-Check Questions
  220. 1.18.8: Review Questions
  221. 1.18.9: Critical Thinking Questions
  222. 1.18.10: Problems
  223. 1.19: International Trade
  224. 1.19.1: Introduction
  225. 1.19.2: Trade in our daily lives
  226. 1.19.3: Absolute and Comparative Advantage
  227. 1.19.4: What Happens When a Country Has an Absolute Advantage in All Goods
  228. 1.19.5: Intra-industry Trade between Similar Economies
  229. 1.19.6: Trade barriers- Tariffs, subsidies and quotas
  230. 1.19.7: The Benefits of Reducing Barriers to International Trade
  231. 1.19.8: Key Terms
  232. 1.19.9: Key Concepts and Summary
  233. 1.19.10: Self-Check Questions
  234. 1.19.11: Review Questions
  235. 1.19.12: Critical Thinking Questions
  236. 1.19.13: Problems
  237. 1.20: Globalization and Protectionism
  238. 1.20.1: Introduction
  239. 1.20.2: Protectionism- An Indirect Subsidy from Consumers to Producers
  240. 1.20.3: International Trade and Its Effects on Jobs, Wages, and Working Conditions
  241. 1.20.4: Arguments in Support of Restricting Imports
  242. 1.20.5: How Governments Enact Trade Policy- Globally, Regionally, and Nationally
  243. 1.20.6: The Tradeoffs of Trade Policy
  244. 1.20.7: Key Terms
  245. 1.20.8: Key Concepts and Summary
  246. 1.20.9: Self-Check Questions
  247. 1.20.10: Review Questions
  248. 1.20.11: Critical Thinking Questions
  249. 1.20.12: Problems
  250. 1.21: Appendix
  251. 1.21.1: Appendix A- The Use of Mathematics in Principles of Economics
  252. 1.21.2: Appendix B- Indifference Curves
  253. 1.21.3: Appendix C- Present Discounted Value
  254. 1.21.4: Answer Key
  255. 1.21.4.1: Chapter 1
  256. 1.21.4.2: Chapter 2
  257. 1.21.4.3: Chapter 3
  258. 1.21.4.4: Chapter 4
  259. 1.21.4.5: Chapter 5
  260. 1.21.4.6: Chapter 6
  261. 1.21.4.7: Chapter 7
  262. 1.21.4.8: Chapter 8
  263. 1.21.4.9: Chapter 9
  264. 1.21.4.10: Chapter 10
  265. 1.21.4.11: Chapter 11
  266. 1.21.4.12: Chapter 12
  267. 1.21.4.13: Chapter 13
  268. 1.21.4.14: Chapter 14
  269. 1.21.4.15: Chapter 15
  270. 1.21.4.16: Chapter 16
  271. 1.21.4.17: Chapter 17
  272. 1.21.4.18: Chapter 18
  273. 1.21.4.19: Chapter 19
  274. 1.21.4.20: Chapter 20