PART 1 What Is Economics?
Introduction The Ordinary Business of Life 1
Chapter 1 First Principles 5
Chapter 2 Economic Models: Trade-offs
and Trade 25
Appendix Graphs in Economics 49
PART 2 Supply and Demand
Chapter 3 Supply and Demand 65
Chapter 4 Consumer and Producer Surplus 101
Chapter 5 Price Controls and Quotas: Meddling
with Markets 127
Chapter 6 Elasticity 155
PART 3 Individuals and Markets
Chapter 7 Taxes 181
Chapter 8 International Trade 211
PART 4 Economics and Decision
Making
Chapter 9 Decision Making by Individuals
and Firms 243
PART 5 The Consumer
Chapter 10 The Rational Consumer 269
Appendix Consumer Preferences and Consumer
Choice 291
PART 6 The Production Decision
Chapter 11 Behind the Supply Curve: Inputs and
Costs 317
Chapter 12 Perfect Competition and the Supply
Curve 345
PART 7 Market Structure: Beyond
Perfect Competition
Chapter 13 Monopoly 373
Chapter 14 Oligopoly 407
Chapter 15 Monopolistic Competition and Product
Differentiation 433
PART 8 Microeconomics and
Public Policy
Chapter 16 Externalities 453
Chapter 17 Public Goods and Common
Resources 477
Chapter 18 The Economics of the Welfare
State 499
PART 9 Factor Markets and Risk
Chapter 19 Factor Markets and the Distribution
of Income 531
Appendix Indifference Curve Analysis of Labor
Supply 563
Chapter 20 Uncertainty, Risk, and Private
Information 569
Solutions to “Check Your Understanding” Questions