eBook - ePub
A Primer on Microeconomics, Second Edition, Volume II
Competition and Constraints
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- 170 pages
- English
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- Available on iOS & Android
eBook - ePub
A Primer on Microeconomics, Second Edition, Volume II
Competition and Constraints
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About This Book
This two-volume text represents a common sense approach to basic microeconomics.
Economics, far from being the dismal science, offers us valuable lessons that can be applied to our everyday experiences. At its heart, economics is the scientific study of choice and a study of economic principles allows us to achieve a more informed understanding of how we make our choices; whether these choices occur in our everyday life or in our work environment.
Volume Two, Competition and Constraints, focuses on understanding how markets may operate; profit maximization; how real-world concerns may reduce efficiency; what corrective actions may be taken to prevent market failure and the implications of those actions. The goal is to provide a concise readable primer that extends the fundamentals of microeconomic theory to consider practical economic issues.
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Index
Absolute value, 107–109
Abusive monopoly, 205
Achievement, 16
Adam’s marginal benefit curve for apples, 78–79
Adam’s Ribs, 240
Adverse selection, 194
Advertising elasticity of demand, 106
After-tax income, 48
After-tax revenues, 54
Agricultural price support, 97
unintended effects of guaranteed, 97–98
Agricultural Revolution, 278
Agriculture Bill, 55, 273
Airbags, 195
Akerlof, George, 196
Alcoholic beverage control (ABC), 225
Allocative efficiency, 16, 191–192, 222, 243, 260
Anchoring, 27
Anti-lemon laws, 197
Antitrust actions, 224
Antitrust Division of the Department of Justice, 224, 256
Artificial barrier to entry, 205–206
Artificial monopoly, 206, 250
Asymmetrical information, 193
Atmospheric pollution, 262
Average Fixed Cost (AFC), 154–155
Average-marginal rule, 147, 210
Average Product (AP), 143–144
Average revenue (AR), 158–160, 209
Average Total Cost (ATC), 155–157, 176–178, 212
Average Variable Cost (AVC), 153–154
Averch–Johnson effect, 229
Baby boomers, 201
Bacardi, 117
Banking. See under Oligopoly
Barriers to entry, 205
artificial, 205–206
natural, 206–207
A Beautiful Mind (movie), 251
Beer. See under Oligopoly
Behavior of Marginal Product, 145
Black Death, 15
Brain Teaser Solution, 73–74
Brat tax, 272
Bundling, 231
Burger King, 38
Burgers. See under Oligopoly
Butter mountains and milk lakes, 96–98
gift-giving and inefficiency, 98
public choice, rent-seeking behavior, and government failure, 102–103
scalping, 98
tariffs and inefficiency, 99–100
tariffs and inefficiency redux, 100–102
taxes and inefficiency, 98–99
Buyers
number/composition of, 52–53
remorse, 78
Cabal Cable, 231
Cable TV, as natural monopoly, 230–231
Cap and trade permits, 271...
Table of contents
- Cover
- Title
- Copyright
- Contents
- Preface
- Acknowledgments
- Chapter 5 Production, Costs, and Revenue
- Chapter 6 Perfect Competition in the Long Run
- Chapter 7 Monopoly
- Chapter 8 Between Perfect Competition and Monopoly
- Chapter 9 Market Failures and Solutions
- About the Author
- Index