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Table of Contents

PART 1: INTRODUCTION

1. Economics: Foundations and Models

     Appendix: Using Graphs and Formulas

2. Trade-offs, Comparative Advantage, and the Market System

3. Where Prices Come From: The Interaction of Demand and Supply

4. Economic Efficiency, Government Price Setting, and Taxes

     Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

5. Externalities, Environmental Policy, and Public Goods

6. Elasticity: The Responsiveness of Demand and Supply

7. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

8. Firms, the Stock Market, and Corporate Governance

     Appendix: Present Value  

     Online Appendix: Tools to Analyze Firms’ Financial Information

9. Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

10. Consumer Choice and Behavioral Economics

     Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior

11. Technology, Production, and Costs

     Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost  

PART 5: MARKET STRUCTURE AND FIRM STRATEGY

12. Firms in Perfectly Competitive Markets

13. Monopolistic Competition: The Competitive Model in a More Realistic Setting

14. Oligopoly: Firms in Less Competitive Markets

15. Monopoly and Antitrust Policy  

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

16. The Markets for Labor and Other Factors of Production

17. Public Choice, Taxes, and the Distribution of Income