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Full Description
All-time best-selling Principles of Microeconomics is trusted for its clear, thorough and complete coverage of how market economies function. Building from Keynesian Cross up to AD/AS models, it balances economic theory, institutional material and real-world examples, with emphasis on the art and science of economic thinking.
The 14th Edition features streamlined chapters, revised problems and all-new macro data through 2023. It adds several new Economics in Practice boxes with recent research and analysis, such as the impact of the COVID-19 pandemic on supply chains. In MyLab, new Economics in Practice videos featuring Emily Oster make economics relevant and relatable, while equipping you for success.
Contents
PART 1: INTRODUCTION TO ECONOMICS
The Scope and Method of Economics
The Economic Problem: Scarcity and Choice
Demand, Supply, and Market Equilibrium
Demand and Supply Applications
Elasticity
PART 2: THE MARKET SYSTEM
Household Behavior and Consumer Choice
The Production Process: The Behavior of Profit-Maximizing Firms
Short-Run Costs and Output Decisions
Long-Run Costs and Output Decisions
Input Demand: The Labor and Land Markets
Input Demand: The Capital Market and the Investment Decision
General Equilibrium and the Efficiency of Perfect Competition
PART 3: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT
Monopoly and Antitrust Policy
Oligopoly
Monopolistic Competition
Externalities, Public Goods, and Common Resources
Uncertainty and Asymmetric Information
Income Distribution and Poverty
Public Finance: The Economics of Taxation
PART 4: THE WORLD ECONOMY
International Trade, Comparative Advantage, and Protectionism
Economic Growth in Developing Economies
PART 5: METHODOLOGY
Critical Thinking about Research



