PrefaceiiiPart 1IntroductionChapter 1What is Economics?1AppendixGraphs in Economics9Chapter 2The Economic Problem21Part2How Markets WorkChapter 3Demand and Supply39Chapter 4Elasticity53Chapter 5Efficiency and Equity65Chapter 6Government Actions inMarkets79Chapter 7Global Markets in Action93Part3Households’ ChoicesChapter8Utility and Demand107Chapter9Possibilities, Preferences, and Choices121Part4Firms and MarketsChapter10Organizing Production137Chapter 11Output and Costs151Chapter 12Perfect Competition165Chapter 13Monopoly179Chapter 14Monopolistic Competition197Chapter 15Oligopoly209Part 5Market Failure and GovernmentChapter 16Public Choices,Public Goods, and Healthcare223Chapter 17Externalities237Part6Factor Markets, Inequality, and UncertaintyChapter 18Marketsfor Factors of Production249Chapter 19Economic Inequality261Chapter20Uncertainty and Information275Part 7MonitoringMacroeconomicPerformanceChapter 21Measuring GDP and Economic Growth285Chapter 22Monitoring Jobs and Inflation299T a b l e o f C o n t e n t s
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