Microeconomics |
Contents
INTRODUCTION | 3 |
Economic Knowledge in | 10 |
Economic Theory and Stories | 16 |
Copyright | |
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Common terms and phrases
analysis average total cost axis benefits cassette change in price change in quantity chapter competition consider consumers corporations countries currency decisions decrease demand curve determine discussion economic system economists effect elasticity of demand equal equilibrium price example exchange rate Exhibit factors of production farmers firm's firms forces graph important incentive income increase indifference curve individuals industry inelastic inputs institutions invisible hand invisible handshake labor law of demand law of supply long-run marginal cost marginal productivity marginal revenue marginal utility microeconomics monopolist monopolistic competition monopoly oligopoly opportunity cost output percent percentage perfect competition pesos political price and quantity problems production possibility curve profit quantity demanded quantity supplied question rational choice real-world reason rent rise role S₁ sell slope social society suppliers supply and demand supply curve theory there's total revenue trade United variable cost wage workers