Table of Contents Last updated Jan 13, 2021 Save as PDF InfoPage 1: Main Body Page ID280653 ( \newcommand{\kernel}{\mathrm{null}\,}\) 1: Main Body1.1: Chapter 12: Faculty Resources2.1: Request Access2.2: I Need Help3: Module: Economic Thinking3.1: Why It Matters: Economic Thinking3.10: Reading: Using Economic Models3.11: Outcome: Math in Economics3.12: Reading: Purpose of Functions3.13: Reading: Solving Simple Equations3.14: Outcome: Graphs in Economics3.15: Video: Graph Review3.16: Reading: Creating and Interpreting Graphs3.17: Reading: Interpreting Slope3.18: Reading: Types of Graphs3.19: Putting It Together: Economic Thinking3.2: Outcome: What Is Economics?3.20: Glossary: Economic Thinking3.3: Video: Scarcity and Choice3.4: Reading: Understanding Economics and Scarcity3.5: Video: Resources3.6: Reading: The Concept of Opportunity Cost3.7: Reading: Labor, Markets, and Trade3.8: Reading: Microeconomics and Macroeconomics3.9: Outcome: Economic Models4: Module: Choice in a World of Scarcity4.1: Why It Matters: Choice in a World of Scarcity4.10: Reading: Rationality and Self-Interest4.11: Reading: Rationality in Action4.12: Outcome: Marginal Analysis4.13: Reading: Marginal Analysis4.14: Outcome: Positive and Normative Statements4.15: Video: Positive and Normative Analysis4.16: Reading: Positive and Normative Statements4.17: Putting It Together: Choice in a World of Scarcity4.18: Glossary: Choice in a World of Scarcity4.2: Outcome: The Cost of Choices4.3: Reading: Budget Constraints and Choices4.4: Reading: Calculating Opportunity Cost4.5: Outcome: The Production Possibilities Frontier4.6: Video: Society’s Production Possibilities Curve4.7: Reading: The Production Possibilities Frontier4.8: Reading: Productive Efficiency and Allocative Efficiency4.9: Outcome: Economic Rationality5: Module: Supply and Demand5.1: Why It Matters: Supply and Demand5.10: Simulation: Demand for Food Trucks5.11: Self Check: Demand5.12: Outcome: Supply5.13: Reading: What Is Supply?5.14: Reading: Factors Affecting Supply5.15: Worked Example: Shift in Supply5.16: Reading: Summary of Factors That Change Supply5.17: Simulation: Supply of Food Trucks5.18: Self Check: Supply5.19: Outcome: Equilibrium5.2: Outcome: Economic Systems5.20: Reading: Equilibrium, Surplus, and Shortage5.21: Video: Market Equilibrium5.22: Reading: Changes in Equilibrium5.23: Worked Example: Supply and Demand5.24: Simulation: Food Trucks and Changes in Equilibrium5.25: Self Check: Equilibrium5.26: Putting It Together: Supply and Demand5.27: Glossary: Supply and Demand5.3: Reading: Economic Systems5.4: Outcome: Demand5.5: Reading: What Is Demand?5.6: Video: Change in Demand vs. Change in Quantity Demanded5.7: Reading: Factors Affecting Demand5.8: Worked Example: Shift in Demand5.9: Reading: Summary of Factors That Change Demand6: Module: Elasticity6.1: Why It Matters: Elasticity6.10: Reading: Polar Cases of Elasticity6.11: Outcome: Other Elasticities6.12: Reading: Other Types of Elasticity6.13: Worked Example: Cross-Price Elasticity of Demand6.14: Self Check: Other Elasticities6.15: Outcome: Price Elasticity and Total Revenue6.16: Reading: Elasticity and Total Revenue6.17: Reading: Elasticity, Costs, and Customers6.18: Putting It Together: Elasticity6.19: Glossary: Elasticity6.2: Outcome: Explaining Elasticity6.3: Reading: Introduction to Elasticity6.4: Video: Price Elasticity of Demand6.5: Reading: Examples of Elastic and Inelastic Demand6.6: Outcome: Calculating Price Elasticity6.7: Reading: Calculating Percentage Changes and Growth Rates6.8: Reading: Calculating Price Elasticities6.9: Reading: Three Categories of Elasticity7: Module: Government Action7.1: Why It Matters: Government Action7.10: Outcome: Taxation7.11: Reading: Financing Government7.12: Reading: Types of Taxes7.13: Reading: Taxation7.14: Worked Example: Price Controls7.15: Putting It Together: Government Action7.16: Glossary: Government Action7.2: Outcome: Price Ceilings7.3: Reading: Price Ceilings7.4: Outcome: Price Floors7.5: Reading: Price Floors7.6: Case in Point: Organic Foods7.7: Self Check: Impact of Binding Price Ceilings or Price Floors7.8: Outcome: Tax Incidence7.9: Reading: Tax Incidence8: Module: Surplus8.1: Why It Matters: Surplus8.2: Outcome: Consumer, Producer, and Total Surplus8.3: Reading: Surplus8.4: Outcome: Surplus and Inefficiency8.5: Reading: Inefficiency of Price Floors and Price Ceilings8.6: Putting It Together: Surplus8.7: Glossary: Surplus9: Module: Utility9.1: Why It Matters: Utility9.10: Reading: A Tool for Maximizing Utility9.11: Video: The Optimal Purchase Rule9.12: Simulation: Maximizing Utility9.13: Self Check: The Utility Maximizing Rule9.14: Outcome: How Utility Changes9.15: Reading: The Foundations of Demand Curve9.16: Reading: Income Changes and Consumption Choices9.17: Outcome: Behavioral Economics9.18: Reading: Behavioral Economics: An Alternative Viewpoint9.19: Putting It Together: Utility9.2: Outcome: Defining Utility9.20: Glossary: Utility9.3: Reading: Consumer Choices9.4: Reading: Consumption Choices9.5: Reading: Choosing with Marginal Utility9.6: Video: What is Marginal Utility?9.7: Outcome: Marginal Utility9.8: Reading: Marginal Utility9.9: Outcome: The Utility Maximizing Rule10: Module: Production10.1: Why It Matters: Production10.10: Reading: Fixed and Variable Costs10.11: Reading: The Structure of Costs in the Short Run10.12: Outcome: Sunk Costs10.13: Reading: Sunk Costs and Alternative Measures of Cost10.14: Outcome: The Short Run vs. The Long Run10.15: Reading: Short Run vs. Long Run Costs10.16: Reading: Short Run and Long Run Average Total Costs10.17: Outcome: Long Run Costs and Economies of Scale10.18: Reading: Long Run Costs10.19: Reading: Economies of Scale10.2: Outcome: Defining Production10.20: Putting It Together: Production10.21: Glossary: Production10.3: Reading: Cost and Industry Structure10.4: Reading: Factors of Production10.5: Outcome: Marginal, Average, and Total Product10.6: Reading: Production Choices and Costs10.7: Outcome: Explicit and Implicit Costs10.8: Reading: Explicit and Implicit Costs10.9: Outcome: Marginal, Average, and Total Cost11: Module: Perfect Competition11.1: Why It Matters: Perfect Competition11.10: Reading: Profits and Losses with the Average Cost Curve11.11: Simulation: Maximizing Profit11.12: Outcome: The Shutdown Point11.13: Reading: The Shutdown Point11.14: Outcome: Entry and Exit Decisions11.15: Reading: Entry and Exit Decisions in the Long Run11.16: Outcome: Efficiency in Perfectly Competitive Markets11.17: Reading: Efficiency in Perfectly Competitive Markets11.18: Putting It Together: Perfect Competition11.19: Glossary: Perfect Competition11.2: Outcome: Defining Perfect Competition11.3: Reading: Perfect Competition11.4: Outcome: Perfectly Competitive Firms and Industries11.5: Reading: Perfect Competition: A Model11.6: Reading: Price and Revenue in a Perfectly Competitive Industry and Firm11.7: Outcome: Costs and Revenue in a Perfectly Competitive Market11.8: Reading: How Perfectly Competitive Firms Make Output Decisions11.9: Outcome: Profit and Losses in a Perfectly Competitive Market12: Module: Monopoly12.1: Why It Matters: Monopoly12.10: Reading: The Inefficiency of Monopoly12.11: Reading: Monopolies and Deadweight Loss12.12: Reading: Price Discrimination12.13: Outcome: Controlling Monopolies12.14: Reading: Monopoly and Antitrust Policy12.15: Reading: Corporate Mergers12.16: Reading: Regulating Anticompetitive Behavior12.17: Reading: Regulating Natural Monopolies12.18: Reading: The Great Deregulation Experiment12.19: Putting It Together: Monopoly12.2: Outcome: Introduction to Monopolies12.20: Glossary: Monopoly12.3: Reading: Introduction to Monopolies12.4: Outcome: Barriers to Entry12.5: Reading: How Monopolies Form: Barriers to Entry12.6: Outcome: Revenue, Costs, Profit and Losses in Monopolies12.7: Reading: Choosing Output and Price12.8: Reading: Illustrating Monopoly Profits12.9: Outcome: Inefficiencies in Monopolies13: Module: Monopolistically Competitive Industry13.1: Why It Matters: Monopolistically Competitive Industries13.10: Reading: Advertising and Monopolistic Competition13.11: Outcome: Inefficiency of Monopolistic Competition13.12: Reading: Monopolistic Competition and Efficiency13.13: Putting It Together: Monopolistically Competitive Industries13.14: Glossary: Monopolistic Competition13.2: Outcome: Monopolistically Competitive Industries13.3: Reading: Introducing Monopolistic Competition13.4: Reading: Monopolistic Competition13.5: Outcome: Calculating Cost and Revenue13.6: Reading: Choosing Price and Quantity13.7: Outcome: Short Run and Long Run Equilibrium13.8: Reading: Monopolistic Competitors and Entry13.9: Outcome: Advertising14: Module: Oligopoly14.1: Why It Matters: Oligopoly14.10: Outcome: Game Theory14.11: Reading: Prisoner’s Dilemma14.12: Reading: Game Theory14.13: Outcome: Inefficiency in Oligopolies14.14: Reading: Tradeoffs of Imperfect Competition14.15: Putting It Together: Oligopoly14.16: Glossary: Oligopolies14.2: Outcome: Introduction to Oligopolies14.3: Reading: Introducing Oligopolies14.4: Reading: Why do Oligopolies Exist?14.5: Reading: Competition Among the Few14.6: Reading: Oligopoly Models14.7: Outcome: Collusion14.8: Reading: Collusion or Competition?14.9: Reading: The Collusion Model15: Module: Public Goods15.1: Why It Matters: Public Goods15.10: Video: Pollution in China15.11: Video: Externalities15.12: Reading: Market Failure15.13: Outcome: Government Involvement and Externalities15.14: Reading: Command-and-Control Regulation15.15: Reading: The Benefits and Costs of U.S. Environmental Laws15.16: Reading: How Governments Can Encourage Innovation15.17: Outcome: Market-Based Solutions15.18: Reading: Market-Oriented Environmental Tools15.19: Reading: Market-Oriented Environmental Tools: Effectiveness and Application15.2: Outcome: Defining Public Goods15.20: Putting It Together: Public Goods15.21: Glossary: Public Goods15.3: Reading: Positive Externalities and Public Goods15.4: Reading: Public Goods15.5: Outcome: Free Riders15.6: Reading: Free Riders15.7: Outcome: Positive and Negative Externalities15.8: Reading: Positive Externalities and Technology15.9: Reading: Introduction to Externalities and Pollution16: Module: Globalization, Trade and Finance16.1: Why It Matters: Globalization, Trade and Finance16.10: Outcome: Impact of Government Regulations16.11: Reading: Restrictions on International Trade16.12: Reading: Justifications for Trade Restriction16.13: Case in Point: Outsourcing, Insourcing, and Employment16.14: Reading: The Tradeoffs of Trade Policy16.15: Outcome: Trade Policy and Agreements16.16: Reading: How Trade Policy Is Enacted16.17: Videos: Trade Agreements16.18: Self Check: Trade Policy and Agreements16.19: Outcome: Exchange Rates and International Finance16.2: Outcome: Comparative and Absolute Advantage16.20: Reading: Exchange Rates and International Capital Flows16.21: Reading: The Foreign Exchange Market16.22: Reading: Strengthening and Weakening Currency16.23: Reading: Demand and Supply Shifts in Foreign Exchange Markets16.24: Outcome: The Balance of Trade16.25: Reading: Macroeconomic Effects of Exchange Rates16.26: Reading: Exchange-Rate Policies16.27: Outcome: Globalization16.28: Reading: Introduction to Globalization16.29: Reading: Trade Winds16.3: Reading: Introduction to International Trade16.30: Simulation: International Trade16.31: Self Check: Globalization16.32: Putting It Together: Globalization, Trade and Finance16.33: Glossary: International Trade16.4: Reading: Absolute and Comparative Advantage16.5: Reading: Absolute Advantage16.6: Reading: Intra-Industry Trade16.7: Reading: Reducing Barriers to Trade16.8: Outcome: Impact of International Trade16.9: Reading: Demand and Supply Analysis of International Trade17: Module: Income Distribution17.1: Why It Matters: Income Distribution17.10: Reading: Interest Rates and Capital17.11: Reading: Loanable Funds17.12: Reading: Natural Resources and Conservation17.13: Outcome: Competition and Wages17.14: Reading: Monopsony17.15: Reading: Monopoly and Monopsony: A Comparison17.16: Reading: Monopsony and the Minimum Wage17.17: Reading: Price Setters on the Supply Side17.18: Simulation: Income Distribution17.19: Self Check: Competition and Wages17.2: Outcome: Factors of Production17.20: Outcome: Measuring and Understanding the Distribution of Income17.21: Reading: Poverty and Economic Inequality17.22: Reading: The Poverty Trap17.23: Reading: The Safety Net17.24: Reading: Explaining Inequality17.25: Reading: Measuring Income Inequality17.26: Reading: Government Policies to Reduce Income Inequality17.27: Putting It Together: Income Distribution17.28: Glossary: Income Distribution17.3: Reading: The Demand for Labor17.4: Case in Point: Computer Technology Increases the Demand for Some Workers and Reduces the Demand for Others17.5: Reading: The Supply of Labor17.6: Case in Point: An Airline Pilot’s Lament17.7: Reading: Labor Markets at Work17.8: Case in Point: Technology and the Wage Gap17.9: Reading: Time and Interest RatesBack MatterIndexGlossary