External
Principles of Microeconomics 3e
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.
- Author
- OpenStax
- Publisher
- LibreTexts
- Source
- LibreTexts
- License
- CC BY
- Language
- EN
- Category
- Economics
Contents· 259 sections
- 01: Welcome to Economics
- 1.00: Introduction
- 1.01: What Is Economics and Why Is It Important
- 1.02: Microeconomics and Macroeconomics
- 1.03: How Economists Use Theories and Models to Understand Economic Issues
- 1.04: How To Organize Economies- An Overview of Economic Systems
- 1.05: Key Terms
- 1.06: Key Concepts and Summary
- 1.07: Self-Check Questions
- 1.08: Review Questions
- 1.09: Critical Thinking Questions
- 02: Choice in a World of Scarcity
- 2.00: Introduction
- 2.01: How Individuals Make Choices Based on Their Budget Constraint
- 2.02: The Production Possibilities Frontier and Social Choices
- 2.03: Confronting Objections to the Economic Approach
- 2.04: Key Terms
- 2.05: Key Concepts and Summary
- 2.06: Self-Check Questions
- 2.07: Review Questions
- 2.08: Critical Thinking Questions
- 2.09: Problems
- 03: Demand and Supply
- 3.00: Introduction
- 3.01: Demand Supply and Equilibrium in Markets for Goods and Services
- 3.02: Shifts in Demand and Supply for Goods and Services
- 3.03: Changes in Equilibrium Price and Quantity- The Four-Step Process
- 3.04: Price Ceilings and Price Floors
- 3.05: Demand Supply and Efficiency
- 3.06: Key Terms
- 3.07: Key Concepts and Summary
- 3.08: Self-Check Questions
- 3.09: Review Questions
- 3.10: Critical Thinking Questions
- 3.11: Problems
- 04: Labor and Financial Markets
- 4.00: Introduction
- 4.01: Demand and Supply at Work in Labor Markets
- 4.02: Demand and Supply in Financial Markets
- 4.03: The Market System as an Efficient Mechanism for Information
- 4.04: Key Terms
- 4.05: Key Concepts and Summary
- 4.06: Self-Check Questions
- 4.07: Review Questions
- 4.08: Critical Thinking Questions
- 4.09: Problems
- 05: Elasticity
- 5.00: Introduction
- 5.01: Price Elasticity of Demand and Price Elasticity of Supply
- 5.02: Polar Cases of Elasticity and Constant Elasticity
- 5.03: Elasticity and Pricing
- 5.04: Elasticity in Areas Other Than Price
- 5.05: Key Terms
- 5.06: Key Concepts and Summary
- 5.07: Self-Check Questions
- 5.08: Review Questions
- 5.09: Critical Thinking Questions
- 5.10: Problems
- 06: Consumer Choices
- 6.00: Introduction
- 6.01: Consumption Choices
- 6.02: How Changes in Income and Prices Affect Consumption Choices
- 6.03: Behavioral Economics- An Alternative Framework for Consumer Choice
- 6.04: Key Terms
- 6.05: Key Concepts and Summary
- 6.06: Self-Check Questions
- 6.07: Review Questions
- 6.08: Critical Thinking Questions
- 6.09: Problems
- 07: Production Costs and Industry Structure
- 7.00: Introduction
- 7.01: Explicit and Implicit Costs and Accounting and Economic Profit
- 7.02: Production in the Short Run
- 7.03: Costs in the Short Run
- 7.04: Production in the Long Run
- 7.05: Costs in the Long Run
- 7.06: Key Terms
- 7.07: Key Concepts and Summary
- 7.08: Self-Check Questions
- 7.09: Review Questions
- 7.10: Critical Thinking Questions
- 7.11: Problems
- 08: Perfect Competition
- 8.00: Introduction
- 8.01: Perfect Competition and Why It Matters
- 8.02: How Perfectly Competitive Firms Make Output Decisions
- 8.03: Entry and Exit Decisions in the Long Run
- 8.04: Efficiency in Perfectly Competitive Markets
- 8.05: Key Terms
- 8.06: Key Concepts and Summary
- 8.07: Self-Check Questions
- 8.08: Review Questions
- 8.09: Critical Thinking Questions
- 8.10: Problems
- 09: Monopoly
- 9.00: Introduction
- 9.01: How Monopolies Form- Barriers to Entry
- 9.02: How a Profit-Maximizing Monopoly Chooses Output and Price
- 9.03: Key Terms
- 9.04: Key Concepts and Summary
- 9.05: Self-Check Questions
- 9.06: Review Questions
- 9.07: Critical Thinking Questions
- 9.08: Problems
- 10: Monopolistic Competition and Oligopoly
- 10.00: Introduction
- 10.01: Monopolistic Competition
- 10.02: Oligopoly
- 10.03: Key Terms
- 10.04: Key Concepts and Summary
- 10.05: Self-Check Questions
- 10.06: Review Questions
- 10.07: Critical Thinking Questions
- 10.08: Problems
- 11: Monopoly and Antitrust Policy
- 11.00: Introduction
- 11.01: Corporate Mergers
- 11.02: Regulating Anticompetitive Behavior
- 11.03: Regulating Natural Monopolies
- 11.04: The Great Deregulation Experiment
- 11.05: Key Terms
- 11.06: Key Concepts and Summary
- 11.07: Self-Check Questions
- 11.08: Review Questions
- 11.09: Critical Thinking Questions
- 11.10: Problems
- 12: Environmental Protection and Negative Externalities
- 12.00: Introduction
- 12.01: The Economics of Pollution
- 12.02: Command-and-Control Regulation
- 12.03: Market-Oriented Environmental Tools
- 12.04: The Benefits and Costs of U.S. Environmental Laws
- 12.05: International Environmental Issues
- 12.06: The Tradeoff between Economic Output and Environmental Protection
- 12.07: Key Terms
- 12.08: Key Concepts and Summary
- 12.09: Self-Check Questions
- 12.10: Review Questions
- 12.11: Critical Thinking Questions
- 12.12: Problems
- 13: Positive Externalities and Public Goods
- 13.00: Introduction
- 13.01: Investments in Innovation
- 13.02: How Governments Can Encourage Innovation
- 13.03: Public Goods
- 13.04: Key Terms
- 13.05: Key Concepts and Summary
- 13.06: Self-Check Questions
- 13.07: Review Questions
- 13.08: Critical Thinking Questions
- 13.09: Problems
- 14: Labor Markets and Income
- 14.00: Introduction
- 14.01: The Theory of Labor Markets
- 14.02: Wages and Employment in an Imperfectly Competitive Labor Market
- 14.03: Market Power on the Supply Side of Labor Markets- Unions
- 14.04: Bilateral Monopoly
- 14.05: Employment Discrimination
- 14.06: Immigration
- 14.07: Key Terms
- 14.08: Key Concepts and Summary
- 14.09: Self-Check Questions
- 14.10: Review Questions
- 14.11: Critical Thinking Questions
- 15: Poverty and Economic Inequality
- 15.00: Introduction
- 15.01: Drawing the Poverty Line
- 15.02: The Poverty Trap
- 15.03: The Safety Net
- 15.04: Income Inequality- Measurement and Causes
- 15.05: Government Policies to Reduce Income Inequality
- 15.06: Key Terms
- 15.07: Key Concepts and Summary
- 15.08: Self-Check Questions
- 15.09: Review Questions
- 15.10: Critical Thinking Questions
- 15.11: Problems
- 16: Information Risk and Insurance
- 16.00: Introduction
- 16.01: The Problem of Imperfect Information and Asymmetric Information
- 16.02: Insurance and Imperfect Information
- 16.03: Key Terms
- 16.04: Key Concepts and Summary
- 16.05: Self-Check Questions
- 16.06: Review Questions
- 16.07: Critical Thinking Questions
- 16.08: Problems
- 17: Financial Markets
- 17.00: Introduction
- 17.01: How Businesses Raise Financial Capital
- 17.02: How Households Supply Financial Capital
- 17.03: How to Accumulate Personal Wealth
- 17.04: Key Terms
- 17.05: Key Concepts and Summary
- 17.06: Self-Check Questions
- 17.07: Review Questions
- 17.08: Critical Thinking Questions
- 17.09: Problems
- 18: Public Economy
- 18.00: Introduction
- 18.01: Voter Participation and Costs of Elections
- 18.02: Special Interest Politics
- 18.03: Flaws in the Democratic System of Government
- 18.04: Key Terms
- 18.05: Key Concepts and Summary
- 18.06: Self-Check Questions
- 18.07: Review Questions
- 18.08: Critical Thinking Questions
- 18.09: Problems
- 19: International Trade
- 19.00: Introduction
- 19.01: Absolute and Comparative Advantage
- 19.02: What Happens When a Country Has an Absolute Advantage in All Goods
- 19.03: Intra-industry Trade between Similar Economies
- 19.04: The Benefits of Reducing Barriers to International Trade
- 19.05: Key Terms
- 19.06: Key Concepts and Summary
- 19.07: Self-Check Questions
- 19.08: Review Questions
- 19.09: Critical Thinking Questions
- 19.10: Problems
- 20: Globalization and Protectionism
- 20.00: Introduction
- 20.01: Protectionism- An Indirect Subsidy from Consumers to Producers
- 20.02: International Trade and Its Effects on Jobs Wages and Working Conditions
- 20.03: Arguments in Support of Restricting Imports
- 20.04: How Governments Enact Trade Policy- Globally Regionally and Nationally
- 20.05: The Tradeoffs of Trade Policy
- 20.06: Key Terms
- 20.07: Key Concepts and Summary
- 20.08: Self-Check Questions
- 20.09: Review Questions
- 20.10: Critical Thinking Questions
- 20.11: Problems
- 21: Appendix
- 21.00: Appendix A- The Use of Mathematics in Principles of Economics
- 21.01: Appendix B- Indifference Curves
- 21.02: Appendix C- Present Discounted Value
- 21.03: Answer Key
- 21.3.00: Chapter 1
- 21.3.01: Chapter 2
- 21.3.02: Chapter 3
- 21.3.03: Chapter 4
- 21.3.04: Chapter 5
- 21.3.05: Chapter 6
- 21.3.06: Chapter 7
- 21.3.07: Chapter 8
- 21.3.08: Chapter 9
- 21.3.09: Chapter 10
- 21.3.10: Chapter 11
- 21.3.11: Chapter 12
- 21.3.12: Chapter 13
- 21.3.13: Chapter 14
- 21.3.14: Chapter 15
- 21.3.15: Chapter 16
- 21.3.16: Chapter 17
- 21.3.17: Chapter 18
- 21.3.18: Chapter 19
- 21.3.19: Chapter 20