1. Part I: Introduction
2. Chapter 1: Ten Principles of Economics
3. 1-1 How People Make Decisions
4. 1-1a Principle 1: People Face Trade-offs
5. 1-1b Principle 2: The Cost of Something Is What You Give Up to Get It
6. 1-1c Principle 3: Rational People Think at the Margin
7. 1-1d Principle 4: People Respond to Incentives
8. 1-2 How People Interact
9. 1-2a Principle 5: Trade Can Make Everyone Better Off
10. 1-2b Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
11. FYI: Adam Smith and the Invisible Hand
12. Case Study: Adam Smith Would Have Loved Uber
13. 1-2c Principle 7: Governments Can Sometimes Improve Market Outcomes
14. 1-3 How the Economy as a Whole Works
15. 1-3a Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Serv
16. 1-3b Principle 9: Prices Rise When the Government Prints Too Much Money
17. 1-3c Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
18. 1-4 Conclusion
19. Summary
20. Key Concepts
21. Questions for Review
22. Problems and Applications
23. Chapter 2: Thinking Like an Economist
24. 2-1 The Economist as Scientist
25. 2-1a The Scientific Method: Observation, Theory, and More Observation
26. 2-1b The Role of Assumptions
27. 2-1c Economic Models
28. 2-1d Our First Model: The Circular-Flow Diagram
29. 2-1e Our Second Model: The Production Possibilities Frontier
30. 2-1f Microeconomics and Macroeconomics
31. 2-2 The Economist as Policy Adviser
32. 2-2a Positive versus Normative Analysis
33. 2-2b Economists in Washington
34. 2-2c Why Economists’ Advice Is Not Always Followed
35. 2-3 Why Economists Disagree
36. 2-3a Differences in Scientific Judgments
37. 2-3b Differences in Values
38. 2-3c Perception versus Reality
39. Ask The Experts: Ticket Resale
40. 2-4 Let’s Get Going
41. In The News: Why You Should Study Economics
42. Summary
43. Key Concepts
44. Questions for Review
45. Problems and Applications
46. Appendix Graphing: A Brief Review
47. Chapter 3: Interdependence and the Gains from Trade
48. 3-1 A Parable for the Modern Economy
49. 3-1a Production Possibilities
50. 3-1b Specialization and Trade
51. 3-2 Comparative Advantage: The Driving Force of Specialization
52. 3-2a Absolute Advantage
53. 3-2b Opportunity Cost and Comparative Advantage
54. 3-2c Comparative Advantage and Trade
55. 3-2d The Price of the Trade
56. FYI: The Legacy of Adam Smith and David Ricardo
57. 3-3 Applications of Comparative Advantage
58. 3-3a Should Serena Williams Mow Her Own Lawn
59. In The News: Economics within a Marriage
60. 3-3b Should the United States Trade with Other Countries
61. Ask The Experts: Trade between China and the United States
62. 3-4 Conclusion
63. Summary
64. Key Concepts
65. Questions for Review
66. Problems and Applications
67. Part II: How Markets Work
68. Chapter 4: The Market Forces of Supply and Demand
69. 4-1 Markets and Competition
70. 4-1a What Is a Market
71. 4-1b What Is Competition
72. 4-2 Demand
73. 4-2a The Demand Curve: The Relationship between Price and Quantity Demanded
74. 4-2b Market Demand versus Individual Demand
75. 4-2c Shifts in the Demand Curve
76. Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
77. 4-3 Supply
78. 4-3a The Supply Curve: The Relationship between Price and Quantity Supplied
79. 4-3b Market Supply versus Individual Supply
80. 4-3c Shifts in the Supply Curve
81. 4-4 Supply and Demand Together
82. 4-4a Equilibrium
83. 4-4b Three Steps to Analyzing Changes in Equilibrium
84. 4-5 Conclusion: How Prices Allocate Resources
85. Ask The Experts: Price Gouging
86. In The News: Price Increases after Disasters
87. Summary
88. Key Concepts
89. Questions for Review
90. Problems and Applications
91. Chapter 5: Elasticity and Its Application
92. 5-1 The Elasticity of Demand
93. 5-1a The Price Elasticity of Demand and Its Determinants
94. 5-1b Computing the Price Elasticity of Demand
95. 5-1c The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
96. 5-1d The Variety of Demand Curves
97. FYI: A Few Elasticities from the Real World
98. 5-1e Total Revenue and the Price Elasticity of Demand
99. 5-1f Elasticity and Total Revenue along a Linear Demand Curve
100. 5-1g Other Demand Elasticities
101. 5-2 The Elasticity of Supply
102. 5-2a The Price Elasticity of Supply and Its Determinants
103. 5-2b Computing the Price Elasticity of Supply
104. 5-2c The Variety of Supply Curves
105. 5-3 Three Applications of Supply, Demand, and Elasticity
106. 5-3a Can Good News for Farming Be Bad News for Farmers
107. 5-3b Why Did OPEC Fail to Keep the Price of Oil High
108. 5-3c Does Drug Interdiction Increase or Decrease Drug-Related Crime
109. 5-4 Conclusion
110. Summary
111. Key Concepts
112. Questions for Review
113. Problems and Applications
114. Chapter 6: Supply, Demand, and Government Policies
115. 6-1 Controls on Prices
116. Case Study: Rent Control in the Short Run and the Long Run
117. 6-1b How Price Floors Affect Market Outcomes
118. Ask The Experts: Rent Control
119. Case Study: The Minimum Wage
120. Ask The Experts: The Minimum Wage
121. 6-1c Evaluating Price Controls
122. 6-1a How Price Ceilings Affect Market Outcomes
123. Case Study: Lines at the Gas Pump
124. 6-2 Taxes
125. 6-2a How Taxes on Sellers Affect Market Outcomes
126. 6-2b How Taxes on Buyers Affect Market Outcomes
127. Case Study: Can Congress Distribute the Burden of a Payroll Tax
128. 6-2c Elasticity and Tax Incidence
129. Case Study: Who Pays the Luxury Tax
130. 6-3 Conclusion
131. Summary
132. Key Concepts
133. Questions for Review
134. Problems and Applications
135. Part III: Markets and Welfare
136. Chapter 7: Consumers, Producers, and the Efficiency of Markets
137. 7-1 Consumer Surplus
138. 7-1a Willingness to Pay
139. 7-1b Using the Demand Curve to Measure Consumer Surplus
140. 7-1c How a Lower Price Raises Consumer Surplus
141. 7-1d What Does Consumer Surplus Measure
142. 7-2 Producer Surplus
143. 7-2a Cost and the Willingness to Sell
144. 7-2b Using the Supply Curve to Measure Producer Surplus
145. 7-2c How a Higher Price Raises Producer Surplus
146. 7-3 Market Efficiency
147. 7-3a The Benevolent Social Planner
148. 7-3b Evaluating the Market Equilibrium
149. In The News: The Invisible Hand Can Park Your Car
150. Case Study: Should There Be a Market for Organs
151. Ask The Experts: Supplying Kidneys
152. 7-4 Conclusion: Market Efficiency and Market Failure
153. Summary
154. Key Concepts
155. Questions for Review
156. Problems and Applications
157. Chapter 8: Application: The Costs of Taxation
158. 8-1 The Deadweight Loss of Taxation
159. 8-1a How a Tax Affects Market Participants
160. 8-1b Deadweight Losses and the Gains from Trade
161. 8-2 The Determinants of the Deadweight Loss
162. Case Study: The Deadweight Loss Debate
163. 8-3 Deadweight Loss and Tax Revenue as Taxes Vary
164. Case Study: The Laffer Curve and Supply-Side Economics
165. Ask The Experts: The Laffer Curve
166. 8-4 Conclusion
167. Summary
168. Key Concept
169. Questions for Review
170. Problems and Applications
171. Chapter 9: Application: International Trade
172. 9-1 The Determinants of Trade
173. 9-1a The Equilibrium without Trade
174. 9-1b The World Price and Comparative Advantage
175. 9-2 The Winners and Losers from Trade
176. 9-2a The Gains and Losses of an Exporting Country
177. 9-2b The Gains and Losses of an Importing Country
178. 9-2c Effects of a Tariff
179. FYI: Import Quotas: Another Way to Restrict Trade
180. 9-2d The Lessons for Trade Policy
181. 9-2e Other Benefits of International Trade
182. In The News: Trade as a Tool for Economic Development
183. 9-3 The Arguments for Restricting Trade
184. 9-3a The Jobs Argument
185. In The News: Should the Winners from Free Trade Compensate the Losers
186. 9-3b The National-Security Argument
187. 9-3c The Infant-Industry Argument
188. 9-3d The Unfair-Competition Argument
189. 9-3e The Protection-as-a-Bargaining-Chip Argument
190. Case Study: Trade Agreements and the World Trade Organization
191. Ask The Experts: Trade Deals
192. 9-4 Conclusion
193. Summary
194. Key Concepts
195. Questions for Review
196. Problems and Applications
197. Part IV: The Economics of the Public Sector
198. Chapter 10: Externalities
199. 10-1 Externalities and Market Inefficiency
200. 10-1a Welfare Economics: A Recap
201. 10-1b Negative Externalities
202. 10-1c Positive Externalities
203. Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
204. 10-2 Public Policies toward Externalities
205. 10-2a Command-and-Control Policies: Regulation
206. 10-2b Market-Based Policy 1: Corrective Taxes and Subsidies
207. Ask The Experts: Vaccines
208. Case Study: Why Is Gasoline Taxed So Heavily
209. In The News: What Should We Do about Climate Change
210. 10-2c Market-Based Policy 2: Tradable Pollution Permits
211. Ask The Experts: Carbon Taxes
212. 10-2d Objections to the Economic Analysis of Pollution
213. 10-3 Private Solutions to Externalities
214. 10-3a The Types of Private Solutions
215. 10-3b The Coase Theorem
216. 10-3c Why Private Solutions Do Not Always Work
217. In The News: The Coase Theorem in Action
218. 10-4 Conclusion
219. Summary
220. Key Concepts
221. Questions for Review
222. Problems and Applications
223. Chapter 11: Public Goods and Common Resources
224. 11-1 The Different Kinds of Goods
225. 11-2 Public Goods
226. 11-2a The Free-Rider Problem
227. 11-2b Some Important Public Goods
228. Case Study: Are Lighthouses Public Goods
229. 11-2c The Difficult Job of Cost–Benefit Analysis
230. Case Study: How Much Is a Life Worth
231. 11-3 Common Resources
232. 11-3a The Tragedy of the Commons
233. 11-3b Some Important Common Resources
234. Ask The Experts: Congesting Pricing
235. In The News: The Case for Toll Roads
236. Case Study: Why the Cow Is Not Extinct
237. 11-4 Conclusion: The Importance of Property Rights
238. Summary
239. Key Concepts
240. Questions for Review
241. Problems and Applications
242. Chapter 12: The Design of the Tax System
243. 12-1 An Overview of U.S. Taxation
244. 12-1a Taxes Collected by the Federal Government
245. 12-1b Taxes Collected by State and Local Governments
246. 12-2 Taxes and Efficiency
247. 12-2a Deadweight Losses
248. Case Study: Should Income or Consumption Be Taxed
249. 12-2b Administrative Burden
250. 12-2c Marginal Tax Rates versus Average Tax Rates
251. 12-2d Lump-Sum Taxes
252. 12-3 Taxes and Equity
253. 12-3a The Benefits Principle
254. 12-3b The Ability-to-Pay Principle
255. Case Study: How the Tax Burden Is Distributed
256. 12-3c Tax Incidence and Tax Equity
257. In The News: Tax Expenditures
258. Case Study: Who Pays the Corporate Income Tax
259. 12-4 Conclusion: The Trade-off between Equity and Efficiency
260. Summary
261. Key Concepts
262. Questions for Review
263. Problems and Applications
264. Part V: Firm Behavior and the Organization of Industry
265. Chapter 13: The Costs of Production
266. 13-1 What Are Costs
267. 13-1a Total Revenue, Total Cost, and Profit
268. 13-1b Costs as Opportunity Costs
269. 13-1c The Cost of Capital as an Opportunity Cost
270. 13-1d Economic Profit versus Accounting Profit
271. 13-2 Production and Costs
272. 13-2a The Production Function
273. 13-2b From the Production Function to the Total-Cost Curve
274. 13-3 The Various Measures of Cost
275. 13-3a Fixed and Variable Costs
276. 13-3b Average and Marginal Cost
277. 13-3c Cost Curves and Their Shapes
278. 13-3d Typical Cost Curves
279. 13-4 Costs in the Short Run and in the Long Run
280. 13-4a The Relationship between Short-Run and Long-Run Average Total Cost
281. 13-4b Economies and Diseconomies of Scale
282. FYI: Lessons from a Pin Factory
283. 13-5 Conclusion
284. Summary
285. Key Concepts
286. Questions for Review
287. Problems and Applications
288. Chapter 14: Firms in Competitive Markets
289. 14-1 What Is a Competitive Market
290. 14-1a The Meaning of Competition
291. 14-1b The Revenue of a Competitive Firm
292. 14-2 Profit Maximization and the Competitive Firm’s Supply Curve
293. 14-2a A Simple Example of Profit Maximization
294. 14-2b The Marginal-Cost Curve and the Firm’s Supply Decision
295. 14-2c The Firm’s Short-Run Decision to Shut Down
296. 14-2d Spilt Milk and Other Sunk Costs
297. Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
298. 14-2e The Firm’s Long-Run Decision to Exit or Enter a Market
299. 14-2f Measuring Profit in Our Graph for the Competitive Firm
300. 14-3 The Supply Curve in a Competitive Market
301. 14-3a The Short Run: Market Supply with a Fixed Number of Firms
302. 14-3b The Long Run: Market Supply with Entry and Exit
303. 14-3c Why Do Competitive Firms Stay in Business If They Make Zero Profit
304. 14-3d A Shift in Demand in the Short Run and Long Run
305. 14-3e Why the Long-Run Supply Curve Might Slope Upward
306. 14-4 Conclusion: Behind the Supply Curve
307. Summary
308. Key Concepts
309. Questions for Review
310. Problems and Applications
311. Chapter 15: Monopoly
312. 15-1 Why Monopolies Arise
313. 15-1a Monopoly Resources
314. 15-1b Government-Created Monopolies
315. 15-1c Natural Monopolies
316. 15-2 How Monopolies Make Production and Pricing Decisions
317. 15-2a Monopoly versus Competition
318. 15-2b A Monopoly’s Revenue
319. 15-2c Profit Maximization
320. 15-2d A Monopoly’s Profit
321. FYI: Why a Monopoly Does Not Have a Supply Curve
322. Case Study: Monopoly Drugs versus Generic Drugs
323. 15-3 The Welfare Cost of Monopolies
324. 15-3a The Deadweight Loss
325. 15-3b The Monopoly’s Profit: A Social Cost
326. 15-4 Price Discrimination
327. 15-4a A Parable about Pricing
328. 15-4b The Moral of the Story
329. 15-4c The Analytics of Price Discrimination
330. 15-4d Examples of Price Discrimination
331. In The News: Price Discrimination in Higher Education
332. 15-5 Public Policy toward Monopolies
333. 15-5a Increasing Competition with Antitrust Laws
334. 15-5b Regulation
335. Ask The Experts: Airline Mergers
336. 15-5c Public Ownership
337. 15-5d Doing Nothing
338. 15-6 Conclusion: The Prevalence of Monopolies
339. Summary
340. Key Concepts
341. Questions for Review
342. Problems and Applications
343. Chapter 16: Monopolistic Competition
344. 16-1 Between Monopoly and Perfect Competition
345. 16-2 Competition with Differentiated Products
346. 16-2a The Monopolistically Competitive Firm in the Short Run
347. 16-2b The Long-Run Equilibrium
348. 16-2c Monopolistic versus Perfect Competition
349. 16-2d Monopolistic Competition and the Welfare of Society
350. 16-3 Advertising
351. 16-3a The Debate over Advertising
352. Case Study: Advertising and the Price of Eyeglasses
353. 16-3b Advertising as a Signal of Quality
354. 16-3c Brand Names
355. 16-4 Conclusion
356. Summary
357. Key Concepts
358. Questions for Review
359. Problems and Applications
360. Chapter 17: Oligopoly
361. 17-1 Markets with Only a Few Sellers
362. 17-1a A Duopoly Example
363. 17-1b Competition, Monopolies, and Cartels
364. 17-1c The Equilibrium for an Oligopoly
365. 17-1d How the Size of an Oligopoly Affects the Market Outcome
366. Ask The Experts: Nash Equilibrium
367. 17-2 The Economics of Cooperation
368. 17-2a The Prisoners’ Dilemma
369. 17-2b Oligopolies as a Prisoners’ Dilemma
370. Case Study: OPEC and the World Oil Market
371. 17-2c Other Examples of the Prisoners’ Dilemma
372. 17-2d The Prisoners’ Dilemma and the Welfare of Society
373. 17-2e Why People Sometimes Cooperate
374. Case Study: The Prisoners’ Dilemma Tournament
375. 17-3 Public Policy toward Oligopolies
376. 17-3a Restraint of Trade and the Antitrust Laws
377. Case Study: An Illegal Phone Call
378. 17-3b Controversies over Antitrust Policy
379. Case Study: The Microsoft Case
380. In The News: Europe versus Google
381. 17-4 Conclusion
382. Summary
383. Key Concepts
384. Questions for Review
385. Problems and Applications
386. Part VI: The Economics of Labor Markets
387. Chapter 18: The Markets for the Factors of Production
388. 18-1 The Demand for Labor
389. 18-1a The Competitive Profit-Maximizing Firm
390. 18-1b The Production Function and the Marginal Product of Labor
391. 18-1c The Value of the Marginal Product and the Demand for Labor
392. 18-1d What Causes the Labor-Demand Curve to Shift
393. FYI: Input Demand and Output Supply: Two Sides of the Same Coin
394. 18-2 The Supply of Labor
395. 18-2a The Trade-off between Work and Leisure
396. 18-2b What Causes the Labor-Supply Curve to Shift
397. Ask The Experts: Immigration
398. 18-3 Equilibrium in the Labor Market
399. 18-3a Shifts in Labor Supply
400. 18-3b Shifts in Labor Demand
401. In The News: The Economics of Immigration
402. Case Study: Productivity and Wages
403. FYI: Monopsony
404. 18-4 The Other Factors of Production: Land and Capital
405. 18-4a Equilibrium in the Markets for Land and Capital
406. FYI: What Is Capital Income
407. 18-4b Linkages among the Factors of Production
408. Case Study: The Economics of the Black Death
409. 18-5 Conclusion
410. Summary
411. Key Concepts
412. Questions for Review
413. Problems and Applications
414. Chapter 19: Earnings and Discrimination
415. 19-1 Some Determinants of Equilibrium Wages
416. 19-1a Compensating Differentials
417. 19-1b Human Capital
418. Case Study: The Increasing Value of Skills
419. Ask The Experts: Inequality and Skills
420. In The News: Schooling as a Public Investment
421. 19-1c Ability, Effort, and Chance
422. Case Study: The Benefits of Beauty
423. 19-1d An Alternative View of Education: Signaling
424. 19-1e The Superstar Phenomenon
425. 19-1f Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
426. 19-2 The Economics of Discrimination
427. 19-2a Measuring Labor-Market Discrimination
428. Case Study: Is Emily More Employable than Lakisha
429. 19-2b Discrimination by Employers
430. Case Study: Segregated Streetcars and the Profit Motive
431. 19-2c Discrimination by Customers and Governments
432. Case Study: Discrimination in Sports
433. 19-3 Conclusion
434. Summary
435. Key Concepts
436. Questions for Review
437. Problems and Applications
438. Chapter 20: Income Inequality and Poverty
439. 20-1 The Measurement of Inequality
440. 20-1a U.S. Income Inequality
441. 20-1b Inequality around the World
442. In The News: A Worldwide View of the Income Distribution
443. 20-1c The Poverty Rate
444. 20-1d Problems in Measuring Inequality
445. Case Study: Alternative Measures of Inequality
446. 20-1e Economic Mobility
447. 20-2 The Political Philosophy of Redistributing Income
448. 20-2a Utilitarianism
449. 20-2b Liberalism
450. 20-2c Libertarianism
451. 20-3 Policies to Reduce Poverty
452. 20-3a Minimum-Wage Laws
453. 20-3b Welfare
454. 20-3c Negative Income Tax
455. 20-3d In-Kind Transfers
456. 20-3e Antipoverty Programs and Work Incentives
457. In The News: International Differences in Income Redistribution
458. 20-4 Conclusion
459. Summary
460. Key Concepts
461. Questions for Review
462. Problems and Applications
463. Part VII: Topics for Further Study
464. Chapter 21: The Theory of Consumer Choice
465. 21-1 The Budget Constraint: What the Consumer Can Afford
466. 21-2 Preferences: What the Consumer Wants
467. 21-2a Representing Preferences with Indifference Curves
468. 21-2b Four Properties of Indifference Curves
469. 21-2c Two Extreme Examples of Indifference Curves
470. 21-3 Optimization: What the Consumer Chooses
471. 21-3a The Consumer’s Optimal Choices
472. FYI: Utility: An Alternative Way to Describe Preferences and Optimization
473. 21-3b How Changes in Income Affect the Consumer’s Choices
474. 21-3c How Changes in Prices Affect the Consumer’s Choices
475. 21-3d Income and Substitution Effects
476. 21-3e Deriving the Demand Curve
477. 21-4 Three Applications
478. 21-4a Do All Demand Curves Slope Downward
479. Case Study: The Search for Giffen Goods
480. 21-4b How Do Wages Affect Labor Supply
481. Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Co
482. 21-4c How Do Interest Rates Affect Household Saving
483. 21-5 Conclusion: Do People Really Think This Way
484. Summary
485. Key Concepts
486. Questions for Review
487. Problems and Applications
488. Chapter 22: Frontiers of Microeconomics
489. 22-1 Asymmetric Information
490. 22-1a Hidden Actions: Principals, Agents, and Moral Hazard
491. FYI: Corporate Management
492. 22-1b Hidden Characteristics: Adverse Selection and the Lemons Problem
493. 22-1c Signaling to Convey Private Information
494. Case Study: Gifts as Signals
495. 22-1d Screening to Uncover Private Information
496. 22-1e Asymmetric Information and Public Policy
497. 22-2 Political Economy
498. 22-2a The Condorcet Voting Paradox
499. 22-2b Arrow’s Impossibility Theorem
500. 22-2c The Median Voter Is King
501. 22-2d Politicians Are People Too
502. 22-3 Behavioral Economics
503. 22-3a People Aren’t Always Rational
504. 22-3b People Care about Fairness
505. In The News: Using Deviations from Rationality
506. 22-3c People Are Inconsistent over Time
507. 22-4 Conclusion
508. Summary
509. Key Concepts
510. Questions for Review
511. Problems and Applications
512. Glossary
513. Index

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