Microeconomics: Private and Public Choice |
Contents
What Is Economics About? 3 Mans Losing Struggle with Scarcity 4 The Economic | 11 |
Opportunity Cost Is the Highest Valued Opportunity Lost16 The Production Possibilities | 26 |
3 | 28 |
Copyright | |
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additional units advertising allocation alternative antitrust areas automobiles average total cost benefits blacks chapter choices collusive competitors concentration consumers consumption corporations cost curves decision-making decisions decline demand curve discrimination earnings economic profits economies of scale economists elasticity employees employment entry equal example exceeds Exhibit expand output expected external costs factors firm's gain Galbraith gasoline higher prices human capital impact important incentive income increase individual industry inefficiency inelastic inequality influence input investment labor legislation less Lorenz curve major marginal cost marginal revenue market price mergers minimum wage monopolistic competition monopoly nonunion oligopolistic oligopoly opportunity cost output level P₁ percent political poor potential poverty production costs public policy purchase pure competition Q₁ quantity demanded Quantity/time real world reduce regulation relative result rise rivals sellers short-run skills substitutes supply curve union utility voters wage rates wheat workers