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Principles of Microeconomics covers the scope and sequence of most introductory microeconomics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. * Complete Textbook by OpenStax * Multiple Choices Questions (MCQ) * Essay Questions Flash Cards * Key-Terms Flash Cards Powered by QuizOver.com the leading online quiz creator https://www.quizover.com 1. Welcome to Economics! 1.1. What Economics Is and Why It's Important 1.2. Microeconomics and Macroeconomics 1.3. How Economists Use Theories and Models to Understand Economic Issues 1.4. How Economies Can Be Organized: An Overview of Economic Systems 2. Choice in a World of Scarcity 2.1. How Individuals Make Choices Based on Their Budget Constraint 2.2. The Production Possibilities Frontier and Social Choices 2.3. Confronting Objections to the Economic Approach 3. Demand and Supply 3.1. Demand, Supply, and Equilibrium in Markets for Goods and Services 3.2. Shifts in Demand and Supply for Goods and Services 3.3. Changes in Equilibrium Price and Quantity: The Four-Step Process 3.4. Price Ceilings and Price Floors 3.5. Demand, Supply, and Efficiency 4. Labor and Financial Markets 4.1. Demand and Supply at Work in Labor Markets 4.2. Demand and Supply in Financial Markets 4.3. The Market System as an Efficient Mechanism for Information 5. Elasticity 5.1. Price Elasticity of Demand and Price Elasticity of Supply 5.2. Polar Cases of Elasticity and Constant Elasticity 5.3. Elasticity and Pricing 5.4. Elasticity in Areas Other Than Price 6. Consumer Choices 6.1. Consumption Choices 6.2. How Changes in Income and Prices Affect Consumption Choices 6.3. Labor-Leisure Choices 6.4. Intertemporal Choices in Financial Capital Markets 7. Cost and Industry Structure 7.1. Explicit and Implicit Costs, and Accounting and Economic Profit 7.2. The Structure of Costs in the Short Run 7.3. The Structure of Costs in the Long Run 8. Perfect Competition 8.1. Perfect Competition and Why It Matters 8.2. How Perfectly Competitive Firms Make Output Decisions 8.3. Entry and Exit Decisions in the Long Run 8.4. Efficiency in Perfectly Competitive Markets 9. Monopoly 9.1. How Monopolies Form: Barriers to Entry 9.2. How a Profit-Maximizing Monopoly Chooses Output and Price 10. Monopolistic Competition and Oligopoly 10.1. Monopolistic Competition 10.2. Oligopoly 11. Monopoly and Antitrust Policy 11.1. Corporate Mergers 11.2. Regulating Anticompetitive Behavior 11.3. Regulating Natural Monopolies 11.4. The Great Deregulation Experiment 12. Environmental Protection and Negative Externalities 12.1. The Economics of Pollution 12.2. Command-and-Control Regulation 12.3. Market-Oriented Environmental Tools 12.4. The Benefits and Costs of U.S. Environmental Laws 12.5. International Environmental Issues 12.6. The Tradeoff between Economic Output and Environmental Protection 13. Positive Externalities and Public Goods 13.1. Why the Private Sector Under Invests in Innovation 13.2. How Governments Can Encourage Innovation 13.3. Public Goods 14. Poverty and Economic Inequality 14.1. Drawing the Poverty Line 14.2. The Poverty Trap 14.3. The Safety Net 14.4. Income Inequality: Measurement and Causes 14.5. Government Policies to Reduce Income Inequality 15. Issues in Labor Markets: Unions, Discrimination, Immigration 15.1. Unions 15.2. Employment Discrimination 15.3. Immigration 16. Information, Risk, and Insurance 16.1. The Problem of Imperfect Information and Asymmetric Information 16.2. Insurance and Imperfect Information 17. Financial Markets 17.1. How Businesses Raise Financial Capital 17.2. How Households Supply Financial Capital 17.3. How to Accumulate Personal Wealth 18. Public Economy 19. International Trade 20. Globalization and Protectionism
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