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Microeconomics 7th Edition Hubbard Test Bank

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Microeconomics 7th Edition Hubbard Test Bank.

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One of the challenges of teaching principles of microeconomics is fostering interest in concepts that may not seem applicable to students’ lives. Microeconomicsmakes this topic relevant by demonstrating how real businesses use microeconomics to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path — opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

 

Table of Content:

  1. Part 1 Introduction
  2. 1 Economics: Foundations and Models
  3. Chapter Outline & Learning Objectives
  4. 1.1 Three Key Economic Ideas
  5. People Are Rational
  6. People Respond to Economic Incentives
  7. Optimal Decisions Are Made at the Margin
  8. 1.2 The Economic Problem That Every Society Must Solve
  9. What Goods and Services Will Be Produced?
  10. How Will the Goods and Services Be Produced?
  11. Who Will Receive the Goods and Services Produced?
  12. Centrally Planned Economies versus Market Economies
  13. The Modern “Mixed” Economy
  14. Efficiency and Equity
  15. 1.3 Economic Models
  16. The Role of Assumptions in Economic Models
  17. Forming and Testing Hypotheses in Economic Models
  18. Positive and Normative Analysis
  19. Economics as a Social Science
  20. 1.4 Microeconomics and Macroeconomics
  21. 1.5 Economic Skills and Economics as a Career
  22. 1.6 A Preview of Important Economic Terms
  23. Conclusion
  24. Chapter Summary and Problems
  25. Key Terms
  26. 1.1 Three Key Economic Ideas
  27. Summary
  28. Review Questions
  29. Problems and Applications
  30. 1.2 The Economic Problem That Every Society Must Solve
  31. Summary
  32. Review Questions
  33. Problems and Applications
  34. 1.3 Economic Models
  35. Summary
  36. Review Questions
  37. Problems and Applications
  38. 1.4 Microeconomics and Macroeconomics
  39. Summary
  40. Review Question
  41. Problems and Applications
  42. Critical Thinking Exercises
  43. Appendix Using Graphs and Formulas
  44. Graphs of One Variable
  45. Graphs of Two Variables
  46. Slopes of Lines
  47. Taking into Account More Than Two Variables on a Graph
  48. Positive and Negative Relationships
  49. Determining Cause and Effect
  50. Are Graphs of Economic Relationships Always Straight Lines?
  51. Slopes of Nonlinear Curves
  52. Formulas
  53. Formula for a Percentage Change
  54. Formulas for the Areas of a Rectangle and a Triangle
  55. Summary of Using Formulas
  56. 1A Using Graphs and Formulas, pages 28–38
  57. Problems and Applications
  58. 2 Trade-offs, Comparative Advantage, and the Market System
  59. Chapter Outline & Learning Objectives
  60. 2.1 Production Possibilities Frontiers and Opportunity Costs
  61. Graphing the Production Possibilities Frontier
  62. Increasing Marginal Opportunity Costs
  63. Economic Growth
  64. 2.2 Comparative Advantage and Trade
  65. Specialization and Gains from Trade
  66. Absolute Advantage versus Comparative Advantage
  67. Comparative Advantage and the Gains from Trade
  68. 2.3 The Market System
  69. The Circular Flow of Income
  70. The Gains from Free Markets
  71. The Market Mechanism
  72. The Role of the Entrepreneur in the Market System
  73. The Legal Basis of a Successful Market System
  74. Protection of Private Property
  75. Enforcement of Contracts and Property Rights
  76. Conclusion
  77. Chapter Summary and Problems
  78. Key Terms
  79. 2.1 Production Possibilities Frontiers and Opportunity Costs
  80. Summary
  81. Review Questions
  82. Problems and Applications
  83. 2.2 Comparative Advantage and Trade
  84. Summary
  85. Review Questions
  86. Problems and Applications
  87. 2.3 The Market System
  88. Summary
  89. Review Questions
  90. Problems and Applications
  91. Critical Thinking Exercises
  92. 3 Where Prices Come From: The Interaction of Demand and Supply
  93. Chapter Outline & Learning Objectives
  94. 3.1 The Demand Side of the Market
  95. Demand Schedules and Demand Curves
  96. The Law of Demand
  97. What Explains the Law of Demand?
  98. Holding Everything Else Constant: The Ceteris Paribus Condition
  99. Variables That Shift Market Demand
  100. Income
  101. Prices of Related Goods
  102. Tastes
  103. Population and Demographics
  104. Expected Future Prices
  105. A Change in Demand versus a Change in Quantity Demanded
  106. 3.2 The Supply Side of the Market
  107. Supply Schedules and Supply Curves
  108. The Law of Supply
  109. Variables That Shift Market Supply
  110. Prices of Inputs
  111. Technological Change
  112. Prices of Related Goods in Production
  113. Number of Firms in the Market
  114. Expected Future Prices
  115. A Change in Supply versus a Change in Quantity Supplied
  116. 3.3 Market Equilibrium: Putting Demand and Supply Together
  117. How Markets Eliminate Surpluses and Shortages
  118. Demand and Supply Both Count
  119. 3.4 The Effect of Demand and Supply Shifts on Equilibrium
  120. The Effect of Shifts in Demand on Equilibrium
  121. The Effect of Shifts in Supply on Equilibrium
  122. The Effect of Shifts in Demand and Supply over Time
  123. Shifts in a Curve versus Movements along a Curve
  124. Conclusion
  125. Chapter Summary and Problems
  126. Key Terms
  127. 3.1 The Demand Side of the Market
  128. Summary
  129. Review Questions
  130. Problems and Applications
  131. 3.2 The Supply Side of the Market
  132. Summary
  133. Review Questions
  134. Problems and Applications
  135. 3.3 Market Equilibrium: Putting Demand and Supply Together
  136. Summary
  137. Review Questions
  138. Problems and Applications
  139. 3.4 The Effect of Demand and Supply Shifts on Equilibrium
  140. Summary
  141. Review Questions
  142. Problems and Applications
  143. Critical Thinking Exercises
  144. 4 Economic Efficiency, Government Price Setting, and Taxes
  145. Chapter Outline & Learning Objectives
  146. 4.1 Consumer Surplus and Producer Surplus
  147. Consumer Surplus
  148. Producer Surplus
  149. What Consumer Surplus and Producer Surplus Measure
  150. 4.2 The Efficiency of Competitive Markets
  151. Marginal Benefit Equals Marginal Cost in Competitive Equilibrium
  152. Economic Surplus
  153. Deadweight Loss
  154. Economic Surplus and Economic Efficiency
  155. 4.3 Government Intervention in the Market: Price Floors and Price Ceilings
  156. Price Floors: Government Policy in Agricultural Markets
  157. Price Ceilings: Government Rent Control Policy in Housing Markets
  158. Black Markets and Peer-to-Peer Sites
  159. The Results of Government Price Controls: Winners, Losers, and Inefficiency
  160. Positive and Normative Analysis of Price Ceilings and Price Floors
  161. 4.4 The Economic Effect of Taxes
  162. The Effect of Taxes on Economic Efficiency
  163. Tax Incidence: Who Actually Pays a Tax?
  164. Determining Tax Incidence on a Demand and Supply Graph
  165. Does It Make a Difference Whether the Government Collects a Tax from Buyers or Sellers?
  166. Conclusion
  167. Chapter Summary and Problems
  168. Key Terms
  169. 4.1 Consumer Surplus and Producer Surplus
  170. Summary
  171. Review Questions
  172. Problems and Applications
  173. 4.2 The Efficiency of Competitive Markets
  174. Summary
  175. Review Questions
  176. Problems and Applications
  177. 4.3 Government Intervention in the Market: Price Floors and Price Ceilings
  178. Summary
  179. Review Questions
  180. Problems and Applications
  181. 4.4 The Economic Effect of Taxes
  182. Summary
  183. Review Questions
  184. Problems and Applications
  185. Critical Thinking Exercises
  186. Appendix Quantitative Demand and Supply Analysis
  187. Demand and Supply Equations
  188. Calculating Consumer Surplus and Producer Surplus
  189. 4A Quantitative Demand and Supply Analysis
  190. Review Questions
  191. Problems and Applications
  192. Part 2 Markets in Action: Policy and Applications
  193. 5 Externalities, Environmental Policy, and Public Goods
  194. Chapter Outline & Learning Objectives
  195. 5.1 Externalities and Economic Efficiency
  196. The Effect of Externalities
  197. How a Negative Externality in Production Reduces Economic Efficiency
  198. How a Positive Externality in Consumption Reduces Economic Efficiency
  199. Externalities and Market Failure
  200. What Causes Externalities?
  201. 5.2 Private Solutions to Externalities: The Coase Theorem
  202. The Economically Efficient Level of Pollution Reduction
  203. The Basis for Private Solutions to Externalities
  204. Do Property Rights Matter?
  205. The Problem of Transactions Costs
  206. The Coase Theorem
  207. 5.3 Government Policies to Deal with Externalities
  208. Imposing a Tax When There Is a Negative Externality
  209. Providing a Subsidy When There Is a Positive Externality
  210. Command-and-Control versus Market-Based Approaches
  211. The End of the Sulfur Dioxide Cap-and-Trade System
  212. Are Tradable Emission Allowances Licenses to Pollute?
  213. 5.4 Four Categories of Goods
  214. The Demand for a Public Good
  215. The Optimal Quantity of a Public Good
  216. Common Resources
  217. The Tragedy of the Commons
  218. Is There a Way out of the Tragedy of the Commons?
  219. Conclusion
  220. Chapter Summary and Problems
  221. Key Terms
  222. 5.1 Externalities and Economic Efficiency
  223. Summary
  224. Review Questions
  225. Problems and Applications
  226. 5.2 Private Solutions to Externalities: The Coase Theorem
  227. Summary
  228. Review Questions
  229. Problems and Applications
  230. 5.3 Government Policies to Deal with Externalities
  231. Summary
  232. Review Questions
  233. Problems and Applications
  234. 5.4 Four Categories of Goods
  235. Summary
  236. Review Questions
  237. Problems and Applications
  238. Critical Thinking Exercises
  239. 6 Elasticity: The Responsiveness of Demand and Supply
  240. Chapter Outline & Learning Objectives
  241. 6.1 The Price Elasticity of Demand and Its Measurement
  242. Measuring the Price Elasticity of Demand
  243. Elastic Demand and Inelastic Demand
  244. An Example of Calculating Price Elasticities
  245. The Midpoint Formula
  246. When Demand Curves Intersect, the Flatter Curve Is More Elastic
  247. Polar Cases of Perfectly Elastic and Perfectly Inelastic Demand
  248. 6.2 The Determinants of the Price Elasticity of Demand
  249. Availability of Close Substitutes
  250. Passage of Time
  251. Luxuries versus Necessities
  252. Definition of the Market
  253. Share of a Good in a Consumer’s Budget
  254. Some Estimated Price Elasticities of Demand
  255. 6.3 The Relationship between Price Elasticity of Demand and Total Revenue
  256. Elasticity and Revenue with a Linear Demand Curve
  257. 6.4 Other Demand Elasticities
  258. Cross-Price Elasticity of Demand
  259. Income Elasticity of Demand
  260. 6.5 Using Elasticity to Analyze the Disappearing Family Farm
  261. 6.6 The Price Elasticity of Supply and Its Measurement
  262. Measuring the Price Elasticity of Supply
  263. Determinants of the Price Elasticity of Supply
  264. Polar Cases of Perfectly Elastic and Perfectly Inelastic Supply
  265. Using Price Elasticity of Supply to Predict Changes in Price
  266. Conclusion
  267. Chapter Summary and Problems
  268. Key Terms
  269. 6.1 The Price Elasticity of Demand and Its Measurement
  270. Summary
  271. Review Questions
  272. Problems and Applications
  273. 6.2 The Determinants of the Price Elasticity of Demand
  274. Summary
  275. Review Questions
  276. Problems and Applications
  277. 6.3 The Relationship between Price Elasticity of Demand and Total Revenue
  278. Summary
  279. Review Questions
  280. Problems and Applications
  281. 6.4 Other Demand Elasticities
  282. Summary
  283. Review Questions
  284. Problems and Applications
  285. 6.5 Using Elasticity to Analyze the Disappearing Family Farm
  286. Summary
  287. Review Questions
  288. Problems and Applications
  289. 6.6 The Price Elasticity of Supply and Its Measurement
  290. Summary
  291. Review Questions
  292. Problems and Applications
  293. Critical Thinking Exercises
  294. 7 The Economics of Health Care
  295. Chapter Outline & Learning Objectives
  296. 7.1 The Improving Health of People in the United States
  297. Changes over Time in U.S. Health
  298. Reasons for Long-Run Improvements in U.S. Health
  299. 7.2 Health Care around the World
  300. The U.S. Health Care System
  301. The Health Care Systems of Canada, Japan, and the United Kingdom
  302. Canada
  303. Japan
  304. The United Kingdom
  305. Comparing Health Care Outcomes around the World
  306. How Useful Are Cross-Country Comparisons of Health Outcomes?
  307. 7.3 Information Problems and Externalities in the Market for Health Care
  308. Adverse Selection and the Market for “Lemons”
  309. Asymmetric Information in the Market for Health Insurance
  310. Adverse Selection in the Market for Health Insurance
  311. Moral Hazard in the Market for Health Insurance
  312. How Insurance Companies Deal with Adverse Selection and Moral Hazard
  313. Externalities in the Market for Health Care
  314. Should the Government Run the Health Care System?
  315. Is Health Care a Public Good?
  316. Do Externalities in Health Care Justify More Government Intervention?
  317. Do Information Problems with Health Care Justify More Government Intervention?
  318. Or Should There Be Greater Reliance on Market-Based Policies?
  319. 7.4 The Debate over Health Care Policy in the United States
  320. The Rising Cost of Health Care
  321. Explaining Increases in Health Care Spending
  322. Factors That Do Not Explain Sustained Increases in Health Care Spending
  323. “Cost Disease” in the Health Care Sector
  324. The Aging of the Population and Advances in Medical Technology
  325. Distorted Economic Incentives
  326. The Continuing Debate over Health Care Policy
  327. The Patient Protection and Affordable Care Act
  328. The Debate over the ACA
  329. Conclusion
  330. Chapter Summary and Problems
  331. Key Terms
  332. 7.1 The Improving Health of People in the United States
  333. Summary
  334. Review Questions
  335. Problems and Applications
  336. 7.2 Health Care around the World
  337. Summary
  338. Review Questions
  339. Problems and Applications
  340. 7.3 Information Problems and Externalities in the Market for Health Care
  341. Summary
  342. Review Questions
  343. Problems and Applications
  344. 7.4 The Debate over Health Care Policy in the United States
  345. Summary
  346. Review Questions
  347. Problems and Applications
  348. Critical Thinking Exercises
  349. Part 3 Firms in the Domestic and International Economies
  350. 8 Firms, the Stock Market, and Corporate Governance
  351. Chapter Outline & Learning Objectives
  352. 8.1 Types of Firms
  353. Who Is Liable? Limited and Unlimited Liability
  354. Corporations Earn the Majority of Revenue and Profits
  355. The Structure of Corporations and the Principal–Agent Problem
  356. 8.2 How Firms Raise Funds
  357. Sources of External Funds
  358. Bonds
  359. Stocks
  360. Stock and Bond Markets Provide Capital—and Information
  361. The Fluctuating Stock Market
  362. 8.3 Using Financial Statements to Evaluate a Corporation
  363. The Income Statement
  364. Accounting Profit
  365. Economic Profit
  366. The Balance Sheet
  367. 8.4 Recent Issues in Corporate Governance Policy
  368. The Accounting Scandals of the Early 2000s
  369. Corporate Governance and the Financial Crisis of 2007–2009
  370. Government Regulation in Response to the Financial Crisis
  371. Did Principal–Agent Problems Help Cause the 2007–2009 Financial Crisis?
  372. Conclusion
  373. Chapter Summary and Problems
  374. Key Terms
  375. 8.1 Types of Firms
  376. Summary
  377. Review Questions
  378. Problems and Applications
  379. 8.2 How Firms Raise Funds
  380. Summary
  381. Review Questions
  382. Problems and Applications
  383. 8.3 Using Financial Statements to Evaluate a Corporation
  384. Summary
  385. Review Questions
  386. Problems and Applications
  387. 8.4 Recent Issues in Corporate Governance Policy
  388. Summary
  389. Review Questions
  390. Problems and Applications
  391. Critical Thinking Exercises
  392. Appendix Tools to Analyze Firms’ Financial Information
  393. Using Present Value to Make Investment Decisions
  394. Using Present Value to Calculate Bond Prices
  395. Using Present Value to Calculate Stock Prices
  396. A Simple Formula for Calculating Stock Prices
  397. Going Deeper into Financial Statements
  398. Analyzing Income Statements
  399. Analyzing Balance Sheets
  400. Key Terms
  401. Tools to Analyze Firms’ Financial Information
  402. Review Questions
  403. Problems and Applications
  404. 9 Comparative Advantage and the Gains from International Trade
  405. Chapter Outline & Learning Objectives
  406. 9.1 The United States in the International Economy
  407. The Importance of Trade to the U.S. Economy
  408. U.S. International Trade in a World Context
  409. 9.2 Comparative Advantage in International Trade
  410. A Brief Review of Comparative Advantage
  411. Comparative Advantage and Absolute Advantage
  412. 9.3 How Countries Gain from International Trade
  413. Increasing Consumption through Trade
  414. Why Don’t We See Complete Specialization?
  415. Does Anyone Lose as a Result of International Trade?
  416. Where Does Comparative Advantage Come From?
  417. 9.4 Government Policies That Restrict International Trade
  418. Tariffs
  419. Quotas and Voluntary Export Restraints
  420. Measuring the Economic Effect of the Sugar Quota
  421. The High Cost of Preserving Jobs with Tariffs and Quotas
  422. Gains from Unilateral Elimination of Tariffs and Quotas
  423. Other Barriers to Trade
  424. 9.5 The Debate over Trade Policies and Globalization
  425. Why Do Some People Oppose the World Trade Organization?
  426. Anti-globalization
  427. “Old-Fashioned” Protectionism
  428. Dumping
  429. Positive versus Normative Analysis (Once Again)
  430. Conclusion
  431. Chapter Summary and Problems
  432. Key Terms
  433. 9.1 The United States in the International Economy
  434. Summary
  435. Review Questions
  436. Problems and Applications
  437. 9.2 Comparative Advantage in International Trade
  438. Summary
  439. Review Questions
  440. Problems and Applications
  441. 9.3 How Countries Gain from International Trade
  442. Summary
  443. Review Questions
  444. Problems and Applications
  445. 9.4 Government Policies That Restrict International Trade
  446. Summary
  447. Review Questions
  448. Problems and Applications
  449. 9.5 The Debate over Trade Policies and Globalization
  450. Summary
  451. Review Questions
  452. Problems and Applications
  453. Critical Thinking Exercises
  454. Part 4 Microeconomic Foundations: Consumers and Firms
  455. 10 Consumer Choice and Behavioral Economics
  456. Chapter Outline & Learning Objectives
  457. 10.1 Utility and Consumer Decision Making
  458. An Overview of the Economic Model of Consumer Behavior
  459. Utility
  460. The Principle of Diminishing Marginal Utility
  461. The Rule of Equal Marginal Utility per Dollar Spent
  462. What if the Rule of Equal Marginal Utility per Dollar Does Not Hold?
  463. The Income Effect and Substitution Effect of a Price Change
  464. The Income Effect
  465. The Substitution Effect
  466. 10.2 Where Demand Curves Come From
  467. 10.3 Social Influences on Decision Making
  468. The Effects of Celebrity Endorsements
  469. Network Externalities
  470. There’s Strength in Numbers
  471. Do Switching Costs Cause Inferior Technologies to Survive?
  472. Do Network Externalities Result in Market Failure?
  473. Does Fairness Matter?
  474. A Test of Fairness in the Economic Laboratory: The Ultimatum Game Experiment
  475. Are the Results of Economic Experiments Reliable?
  476. Business Implications of Fairness
  477. 10.4 Behavioral Economics: Do People Make Rational Choices?
  478. Pitfalls in Decision Making
  479. Ignoring Nonmonetary Opportunity Costs
  480. Failing to Ignore Sunk Costs
  481. Being Unrealistic about Future Behavior
  482. “Nudges”: Using Behavioral Economics to Guide Behavior
  483. The Behavioral Economics of Shopping
  484. Rules of Thumb
  485. Anchoring
  486. Conclusion
  487. Chapter Summary and Problems
  488. Key Terms
  489. 10.1 Utility and Consumer Decision Making
  490. Summary
  491. Review Questions
  492. Problems and Applications
  493. 10.2 Where Demand Curves Come From
  494. Summary
  495. Review Questions
  496. Problems and Applications
  497. 10.3 Social Influences on Decision Making
  498. Summary
  499. Review Questions
  500. Problems and Applications
  501. 10.4 Behavioral Economics: Do People Make Rational Choices?
  502. Summary
  503. Review Questions
  504. Problems and Applications
  505. Critical Thinking Exercises
  506. Appendix Using Indifference Curves and Budget Lines to Understand Consumer Behavior
  507. Consumer Preferences
  508. Indifference Curves
  509. The Slope of an Indifference Curve
  510. Can Indifference Curves Ever Cross?
  511. The Budget Constraint
  512. Choosing the Optimal Consumption of Pizza and Coke
  513. Deriving the Demand Curve
  514. The Income Effect and the Substitution Effect of a Price Change
  515. How a Change in Income Affects Optimal Consumption
  516. The Slope of the Indifference Curve, the Slope of the Budget Line, and the Rule of Equal Marginal Utility per Dollar Spent
  517. The Rule of Equal Marginal Utility per Dollar Spent Revisited
  518. Key Terms
  519. 10.A Using Indifference Curves and Budget Lines to Understand Consumer Behavior
  520. Review Questions
  521. Problems and Applications
  522. 11 Technology, Production, and Costs
  523. Chapter Outline & Learning Objectives
  524. 11.1 Technology: An Economic Definition
  525. 11.2 The Short Run and the Long Run in Economics
  526. The Difference between Fixed Costs and Variable Costs
  527. Implicit Costs versus Explicit Costs
  528. The Production Function
  529. A First Look at the Relationship between Production and Cost
  530. 11.3 The Marginal Product of Labor and the Average Product of Labor
  531. The Law of Diminishing Returns
  532. Graphing Production
  533. The Relationship between Marginal Product and Average Product
  534. An Example of Marginal and Average Values: College Grades
  535. 11.4 The Relationship between Short-Run Production and Short-Run Cost
  536. Marginal Cost
  537. Why Are the Marginal and Average Cost Curves U Shaped?
  538. 11.5 Graphing Cost Curves
  539. 11.6 Costs in the Long Run
  540. Economies of Scale
  541. Long-Run Average Cost Curves for Automobile Factories
  542. Conclusion
  543. Chapter Summary and Problems
  544. Key Terms
  545. 11.1 Technology: An Economic Definition
  546. Summary
  547. Review Questions
  548. Problems and Applications
  549. 11.2 The Short Run and the Long Run in Economics
  550. Summary
  551. Review Questions
  552. Problems and Applications
  553. 11.3 The Marginal Product of Labor and the Average Product of Labor
  554. Summary
  555. Review Questions
  556. Problems and Applications
  557. 11.4 The Relationship between Short-Run Production and Short-Run Cost
  558. Summary
  559. Review Questions
  560. Problems and Applications
  561. 11.5 Graphing Cost Curves
  562. Summary
  563. Review Questions
  564. Problems and Applications
  565. 11.6 Costs in the Long Run
  566. Summary
  567. Review Questions
  568. Problems and Applications
  569. Critical Thinking Exercises
  570. Appendix Using Isoquants and Isocost Lines to Understand Production and Cost
  571. Isoquants
  572. An Isoquant Graph
  573. The Slope of an Isoquant
  574. Isocost Lines
  575. Graphing the Isocost Line
  576. The Slope and Position of the Isocost Line
  577. Choosing the Cost-Minimizing Combination of Capital and Labor
  578. Different Input Price Ratios Lead to Different Input Choices
  579. Another Look at Cost Minimization
  580. The Expansion Path
  581. Key Terms
  582. 11A Using Isoquants and Isocost Lines to Understand Production and Cost
  583. Review Questions
  584. Problems and Applications
  585. Part 5 Market Structure and Firm Strategy
  586. 12 Firms in Perfectly Competitive Markets
  587. Chapter Outline & Learning Objectives
  588. 12.1 Perfectly Competitive Markets
  589. A Perfectly Competitive Firm Cannot Affect the Market Price
  590. The Demand Curve for the Output of a Perfectly Competitive Firm
  591. 12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
  592. Revenue for a Firm in a Perfectly Competitive Market
  593. Determining the Profit-Maximizing Level of Output
  594. 12.3 Illustrating Profit or Loss on the Cost Curve Graph
  595. Showing Profit on a Graph
  596. Illustrating When a Firm Is Breaking Even or Operating at a Loss
  597. 12.4 Deciding Whether to Produce or to Shut Down in the Short Run
  598. The Supply Curve of a Firm in the Short Run
  599. The Market Supply Curve in a Perfectly Competitive Industry
  600. 12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long Run
  601. Economic Profit and the Entry or Exit Decision
  602. Economic Profit Leads to Entry of New Firms
  603. Economic Losses Lead to Exit of Firms
  604. Long-Run Equilibrium in a Perfectly Competitive Market
  605. The Long-Run Supply Curve in a Perfectly Competitive Market
  606. Increasing-Cost and Decreasing-Cost Industries
  607. 12.6 Perfect Competition and Economic Efficiency
  608. Productive Efficiency
  609. Allocative Efficiency
  610. Conclusion
  611. Chapter Summary and Problems
  612. Key Terms
  613. 12.1 Perfectly Competitive Markets
  614. Summary
  615. Review Questions
  616. Problems and Applications
  617. 12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
  618. Summary
  619. Review Questions
  620. Problems and Applications
  621. 12.3 Illustrating Profit or Loss on the Cost Curve Graph
  622. Summary
  623. Review Questions
  624. Problems and Applications
  625. 12.4 Deciding Whether to Produce or to Shut Down in the Short Run
  626. Summary
  627. Review Questions
  628. Problems and Applications
  629. 12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long Run
  630. Summary
  631. Review Questions
  632. Problems and Applications
  633. 12.6 Perfect Competition and Economic Efficiency
  634. Summary
  635. Review Questions
  636. Problems and Applications
  637. Critical Thinking Exercises
  638. 13 Monopolistic Competition: The Competitive Model in a More Realistic Setting
  639. Chapter Outline & Learning Objectives
  640. 13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
  641. The Demand Curve for a Monopolistically Competitive Firm
  642. Marginal Revenue for a Firm with a Downward-Sloping Demand Curve
  643. 13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
  644. 13.3 What Happens to Profits in the Long Run?
  645. How Does the Entry of New Firms Affect the Profits of Existing Firms?
  646. Is Zero Economic Profit Inevitable in the Long Run?
  647. 13.4 Comparing Monopolistic Competition and Perfect Competition
  648. Excess Capacity under Monopolistic Competition
  649. Is Monopolistic Competition Inefficient?
  650. How Consumers Benefit from Monopolistic Competition
  651. 13.5 How Marketing Differentiates Products
  652. Brand Management
  653. Advertising
  654. Defending a Brand Name
  655. 13.6 What Makes a Firm Successful?
  656. Conclusion
  657. Chapter Summary and Problems
  658. Key Terms
  659. 13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
  660. Summary
  661. Review Questions
  662. Problems and Applications
  663. 13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
  664. Summary
  665. Review Questions
  666. Problems and Applications
  667. 13.3 What Happens to Profits in the Long Run?
  668. Summary
  669. Review Questions
  670. Problems and Applications
  671. 13.4 Comparing Monopolistic Competition and Perfect Competition
  672. Summary
  673. Review Questions
  674. Problems and Applications
  675. 13.5 How Marketing Differentiates Products
  676. Summary
  677. Review Questions
  678. Problems and Applications
  679. 13.6 What Makes a Firm Successful?
  680. Summary
  681. Review Questions
  682. Problems and Applications
  683. Critical Thinking Exercises
  684. 14 Oligopoly: Firms in Less Competitive Markets
  685. Chapter Outline & Learning Objectives
  686. 14.1 Oligopoly and Barriers to Entry
  687. Barriers to Entry
  688. Economies of Scale
  689. Ownership of a Key Input
  690. Government-Imposed Barriers
  691. 14.2 Game Theory and Oligopoly
  692. A Duopoly Game: Price Competition between Two Firms
  693. Firm Behavior and the Prisoner’s Dilemma
  694. Can Firms Escape the Prisoner’s Dilemma?
  695. Cartels: The Case of OPEC
  696. 14.3 Sequential Games and Business Strategy
  697. Deterring Entry
  698. Bargaining
  699. 14.4 The Five Competitive Forces Model
  700. Competition from Existing Firms
  701. The Threat from Potential Entrants
  702. Competition from Substitute Goods or Services
  703. The Bargaining Power of Buyers
  704. The Bargaining Power of Suppliers
  705. Conclusion
  706. Chapter Summary and Problems
  707. Key Terms
  708. 14.1 Oligopoly and Barriers to Entry
  709. Summary
  710. Review Questions
  711. Problems and Applications
  712. 14.2 Game Theory and Oligopoly
  713. Summary
  714. Review Questions
  715. Problems and Applications
  716. 14.3 Sequential Games and Business Strategy
  717. Summary
  718. Review Questions
  719. Problems and Applications
  720. 14.4 The Five Competitive Forces Model
  721. Summary
  722. Review Questions
  723. Problems and Applications
  724. Critical Thinking Exercises
  725. 15 Monopoly and Antitrust Policy
  726. Chapter Outline & Learning Objectives
  727. 15.1 Is Any Firm Ever Really a Monopoly?
  728. 15.2 Where Do Monopolies Come From?
  729. Government Action Blocks Entry
  730. Patents, Copyrights, and Trademarks
  731. Public Franchises
  732. Control of a Key Resource
  733. Network Externalities
  734. Natural Monopoly
  735. 15.3 How Does a Monopoly Choose Price and Output?
  736. Marginal Revenue Once Again
  737. Profit Maximization for a Monopolist
  738. 15.4 Does Monopoly Reduce Economic Efficiency?
  739. Comparing Monopoly and Perfect Competition
  740. Measuring the Efficiency Losses from Monopoly
  741. How Large Are the Efficiency Losses Due to Monopoly?
  742. Market Power and Technological Change
  743. 15.5 Government Policy toward Monopoly
  744. Antitrust Laws and Antitrust Enforcement
  745. Mergers: The Trade-off between Market Power and Efficiency
  746. The Department of Justice and FTC Merger Guidelines
  747. Market Definition
  748. Measure of Concentration
  749. Merger Standards
  750. Regulating Natural Monopolies
  751. Conclusion
  752. Chapter Summary and Problems
  753. Key Terms
  754. 15.1 Is Any Firm Ever Really a Monopoly?
  755. Summary
  756. Review Questions
  757. Problems and Applications
  758. 15.2 Where Do Monopolies Come From?
  759. Summary
  760. Review Questions
  761. Problems and Applications
  762. 15.3 How Does a Monopoly Choose Price and Output?
  763. Summary
  764. Review Questions
  765. Problems and Applications
  766. 15.4 Does Monopoly Reduce Economic Efficiency?
  767. Summary
  768. Review Questions
  769. Problems and Applications
  770. 15.5 Government Policy toward Monopoly
  771. Summary
  772. Review Questions
  773. Problems and Applications
  774. Critical Thinking Exercises
  775. 16 Pricing Strategy
  776. Chapter Outline & Learning Objectives
  777. 16.1 Pricing Strategy, the Law of One Price, and Arbitrage
  778. Arbitrage
  779. Why Don’t All Firms Charge the Same Price?
  780. 16.2 Price Discrimination: Charging Different Prices for the Same Product
  781. The Requirements for Successful Price Discrimination
  782. An Example of Price Discrimination
  783. Airlines: The Kings of Price Discrimination
  784. Perfect Price Discrimination
  785. Price Discrimination across Time
  786. Can Price Discrimination Be Illegal?
  787. 16.3 Other Pricing Strategies
  788. Odd Pricing: Why Is the Price $2.99 Instead of $3.00?
  789. Why Do McDonald’s and Other Firms Use Cost-Plus Pricing?
  790. How Can Using Two-Part Tariffs Increase a Firm’s Profit?
  791. Conclusion
  792. Chapter Summary and Problems
  793. Key Terms
  794. 16.1 Pricing Strategy, the Law of One Price, and Arbitrage
  795. Summary
  796. Review Questions
  797. Problems and Applications
  798. 16.2 Price Discrimination: Charging Different Prices for the Same Product
  799. Summary
  800. Review Questions
  801. Problems and Applications
  802. 16.3 Other Pricing Strategies
  803. Summary
  804. Review Questions
  805. Problems and Applications
  806. Critical Thinking Exercises
  807. Part 6 Labor Markets, Public Choice, and the Distribution of Income
  808. 17 The Markets for Labor and Other Factors of Production
  809. Chapter Outline & Learning Objectives
  810. 17.1 The Demand for Labor
  811. The Marginal Revenue Product of Labor
  812. The Market Demand Curve for Labor
  813. Factors That Shift the Market Demand Curve for Labor
  814. 17.2 The Supply of Labor
  815. The Market Supply Curve of Labor
  816. Factors That Shift the Market Supply Curve of Labor
  817. 17.3 Equilibrium in the Labor Market
  818. The Effect on Equilibrium Wages of a Shift in Labor Demand
  819. The Effect of Immigration on the U.S. Labor Market
  820. 17.4 Explaining Differences in Wages
  821. Compensating Differentials
  822. Discrimination
  823. Differences in Education
  824. Differences in Experience
  825. Differing Preferences for Jobs
  826. The Difficulty of Measuring Discrimination
  827. Does It Pay to Discriminate?
  828. Labor Unions
  829. 17.5 Personnel Economics
  830. Should Workers’ Pay Depend on How Much They Work or on How Much They Produce?
  831. Other Considerations in Setting Compensation Systems
  832. 17.6 The Markets for Capital and Natural Resources
  833. The Market for Capital
  834. The Market for Natural Resources
  835. Monopsony
  836. The Marginal Productivity Theory of Income Distribution
  837. Conclusion
  838. Chapter Summary and Problems
  839. Key Terms
  840. 17.1 The Demand for Labor
  841. Summary
  842. Review Questions
  843. Problems and Applications
  844. 17.2 The Supply of Labor
  845. Summary
  846. Review Questions
  847. Problems and Applications
  848. 17.3 Equilibrium in the Labor Market
  849. Summary
  850. Review Questions
  851. Problems and Applications
  852. 17.4 Explaining Differences in Wages
  853. Summary
  854. Review Questions
  855. Problems and Applications
  856. 17.5 Personnel Economics
  857. Summary
  858. Review Questions
  859. Problems and Applications
  860. 17.6 The Markets for Capital and Natural Resources
  861. Summary
  862. Review Questions
  863. Problems and Applications
  864. Critical Thinking Exercises
  865. 18 Public Choice, Taxes, and the Distribution of Income
  866. Chapter Outline & Learning Objectives
  867. 18.1 Public Choice
  868. How Do We Know the Public Interest? Models of Voting
  869. The Voting Paradox
  870. The Median Voter Theorem
  871. Government Failure?
  872. Rent Seeking
  873. Logrolling and Rational Ignorance
  874. Regulatory Capture
  875. Is Government Regulation Necessary?
  876. 18.2 The Tax System
  877. An Overview of the U.S. Tax System
  878. Progressive and Regressive Taxes
  879. Marginal and Average Income Tax Rates
  880. The Corporate Income Tax
  881. International Comparison of Corporate Income Taxes
  882. Evaluating Taxes
  883. The Goal of Economic Efficiency
  884. The Ability-to-Pay Principle
  885. The Horizontal-Equity Principle
  886. The Benefits-Received Principle
  887. The Goal of Attaining Social Objectives
  888. 18.3 Tax Incidence Revisited: The Effect of Price Elasticity
  889. 18.4 Income Distribution and Poverty
  890. Measuring the Income Distribution and Measuring Poverty
  891. The Poverty Rate in the United States
  892. Showing the Income Distribution with a Lorenz Curve
  893. Problems in Measuring Poverty and the Distribution of Income
  894. Income Mobility in the United States
  895. The Effect of Taxes and Transfers
  896. Explaining Income Inequality
  897. Differences in Returns to the Factors of Production
  898. The Effects of Technological Change and International Trade
  899. The Effects of Assortative Mating
  900. Luck
  901. Policies to Reduce Income Inequality
  902. Reducing Inequality through Taxes and Transfers
  903. Reducing Inequality through Improvements in Human Capital
  904. Income Distribution and Poverty around the World
  905. Conclusion
  906. Chapter Summary and Problems
  907. Key Terms
  908. 18.1 Public Choice
  909. Summary
  910. Review Questions
  911. Problems and Applications
  912. 18.2 The Tax System
  913. Summary
  914. Review Questions
  915. Problems and Applications
  916. 18.3 Tax Incidence Revisited: The Effect of Price Elasticity
  917. Summary
  918. Review Questions
  919. Problems and Applications
  920. 18.4 Income Distribution and Poverty
  921. Summary
  922. Review Questions
  923. Problems and Applications
  924. Critical Thinking Exercises
  925. Glossary
  926. Credits

 

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