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PART 1 Introduction and Key Principles |
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1 | (92) |
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Introduction: What Is Economics? |
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2 | (24) |
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3 | (3) |
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Positive Versus Normative Analysis |
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4 | (1) |
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Decisions in a Modern Economy: The Invisible Hand? |
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5 | (1) |
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A Closer Look: When Do Economists Agree? |
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6 | (1) |
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Economic Analysis and Modern Problems |
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6 | (2) |
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Example 1: Traffic Congestion |
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6 | (1) |
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Example 2: Poverty in Africa |
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7 | (1) |
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Example 3: Japan's Economic Problems |
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8 | (1) |
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The Economic Way of Thinking |
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8 | (4) |
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Rational People Respond to Incentives |
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10 | (1) |
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Application: Thinking About Congestion |
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11 | (1) |
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Preview of Coming Attractions: Microeconomics |
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12 | (2) |
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A Closer Look: Even Kids Respond to Incentives |
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12 | (1) |
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To Understand Markets and Predict Changes |
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13 | (1) |
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To Make Personal and Managerial Decisions |
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13 | (1) |
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To Evaluate Public Policies |
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13 | (1) |
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Preview of Coming Attractions: Macroeconomics |
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14 | (3) |
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To Understand Why Economies Grow |
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14 | (1) |
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To Understand Economic Fluctuations |
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14 | (1) |
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To Make Informed Business Decisions |
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15 | (1) |
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A Closer Look: ``Dismal'' Depends On Your Point of View |
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15 | (2) |
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Appendix: Using Graphs and Formulas |
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17 | (1) |
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Using Graphs to Show Relationships |
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17 | (9) |
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The Key Principles of Economics |
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26 | (18) |
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The Principle of Opportunity Cost |
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27 | (5) |
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Opportunity Cost and the Production Possibilities Curve |
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28 | (1) |
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Using the Principle: Military Spending, Collectibles |
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29 | (1) |
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Using the Principle: The Cost of College |
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30 | (1) |
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A Closer Look: Swords vs. Ecotels? |
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31 | (1) |
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32 | (3) |
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Example: How Many Movie Sequels? |
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32 | (2) |
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Using the Marginal Principle: Renting College Facilities, Emissions Standards |
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34 | (1) |
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Economic Puzzle: Marginal Airlines Lives Up to Its Name |
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35 | (1) |
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The Principle of Voluntary Exchange |
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35 | (2) |
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36 | (1) |
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The Principle of Diminishing Returns |
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37 | (1) |
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The Real--Nominal Principle |
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38 | (1) |
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Economic Experiment: Producing Fold-Its |
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39 | (1) |
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Using the Principle: Government Programs, Statistics, and Repaying College Loans |
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39 | (1) |
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40 | (4) |
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44 | (16) |
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Comparative Advantage and Exchange |
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45 | (6) |
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Specialization and the Gains from Trade |
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45 | (2) |
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Production and Consumption Possibilities |
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47 | (1) |
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Comparative Advantage Versus Absolute Advantage |
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48 | (1) |
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The Division of Labor and Exchange |
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48 | (1) |
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Comparative Advantage and International Trade |
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49 | (2) |
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A Closer Look: Buzz Lightyear of China |
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51 | (1) |
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51 | (4) |
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52 | (2) |
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Example: Exchange in a Prisoner of War Camp |
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54 | (1) |
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54 | (1) |
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A Closer Look: EverQuest and Fantasy Exchanges |
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55 | (1) |
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The Role of Government in a Market Economy |
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55 | (5) |
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Government Enforces the Rules of Exchange |
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56 | (1) |
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Government Can Reduce Economic Uncertainty |
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56 | (4) |
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Supply, Demand, and Market Equilibrium |
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60 | (33) |
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61 | (4) |
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The Individual Demand Curve and the Law of Demand |
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62 | (2) |
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From Individual Demand to Market Demand |
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64 | (1) |
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Economic Puzzle: Saving Money Wherever You Shop? |
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65 | (1) |
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65 | (4) |
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The Individual Supply Curve and the Law of Supply |
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66 | (1) |
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Why Is the Individual Supply Curve Positively Sloped? |
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67 | (1) |
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From Individual Supply to Market Supply |
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68 | (1) |
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69 | (2) |
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Excess Demand Causes the Price to Rise |
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69 | (1) |
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Excess Supply Causes the Price to Drop |
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70 | (1) |
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Market Effects of Changes in Demand |
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71 | (5) |
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Change in Quantity Demanded Versus Change in Demand |
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71 | (1) |
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72 | (2) |
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74 | (2) |
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Market Effects of Changes in Supply |
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76 | (4) |
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Change in Quantity Supplied Versus Change in Supply |
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76 | (1) |
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77 | (2) |
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A Closer Look: Increasing the Supply of Wind Power |
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79 | (1) |
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79 | (1) |
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Market Effects of Simultaneous Changes in Demand and Supply |
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80 | (2) |
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Using the Model to Predict Changes in Price and Quantity |
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82 | (2) |
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Population Growth and Apartment Prices |
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82 | (1) |
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Product Safety and Apples |
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83 | (1) |
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Technological Innovation and Computers |
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83 | (1) |
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84 | (1) |
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Explaining Changes in Price or Quantity |
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84 | (3) |
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An Increase in Poultry Consumption |
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85 | (1) |
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A Decrease in Drug Prices |
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86 | (1) |
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A Closer Look: Higher Platinum Prices |
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87 | (1) |
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Economic Experiment: Market Equilibrium |
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87 | (1) |
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88 | (5) |
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PART 2 A Closer Look at Supply and Demand |
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93 | (76) |
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Elasticity: A Measure of Responsiveness |
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94 | (26) |
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The Price Elasticity of Demand |
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95 | (6) |
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Price Elasticity and the Demand Curve |
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96 | (2) |
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What Determines the Price Elasticity of Demand? |
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98 | (1) |
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Computing Price Elasticity: Initial Value Versus Midpoint |
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99 | (1) |
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A Closer Look: How to Cut Teen Smoking by 60% |
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100 | (1) |
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Elasticity Along a Linear Demand Curve |
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101 | (2) |
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Using the Price Elasticity of Demand to Make Predictions |
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103 | (4) |
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Predicting Changes in Quantity Demanded |
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103 | (1) |
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Applications: College Education, Highway Deaths, and Medical Care |
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103 | (1) |
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Predicting Changes in Total Revenue |
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104 | (1) |
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A Closer Look: Pricing Medical Care in Developing Countries |
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104 | (2) |
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Applications: Transit Deficits, Property Crime |
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106 | (1) |
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Economic Puzzle: DVD Elasticity |
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107 | (3) |
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Other Elasticities of Demand |
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108 | (2) |
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The Price Elasticity of Supply |
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110 | (2) |
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Predicting Changes in Quantity Supplied |
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111 | (1) |
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Extreme Cases: Perfectly Inelastic Supply and Perfectly Elastic Supply |
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111 | (1) |
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Predicting Changes in Price Using Supply and Demand Elasticities |
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112 | (4) |
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The Price Effects of a Change in Demand |
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112 | (2) |
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The Price Effects of a Change in Supply |
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114 | (2) |
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116 | (4) |
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120 | (18) |
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Consumer Constraints and Preferences |
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121 | (4) |
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Consumer Constraints: The Budget Line |
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122 | (1) |
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Consumer Preferences: Indifference Curves |
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123 | (2) |
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125 | (4) |
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125 | (1) |
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The Utility-Maximizing Rule: MRS = Price Ratio |
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126 | (1) |
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127 | (1) |
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Do Consumers Actually Do This? |
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128 | (1) |
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Applications of the Consumer Choice Model |
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129 | (6) |
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Music Piracy and Online Music Stores |
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129 | (1) |
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A Closer Look: Modern Consumer Theory Versus Old Utility Theory |
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130 | (1) |
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Inflation, the Real--Nominal Principle, and Consumer Choice |
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131 | (2) |
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133 | (1) |
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A Closer Look: The Bang per Buck of Light Spirits |
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134 | (1) |
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135 | (3) |
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Market Efficiency and Government Intervention |
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138 | (31) |
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Consumer Surplus and Producer Surplus |
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140 | (2) |
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The Demand Curve and Consumer Surplus |
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140 | (1) |
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The Supply Curve and Producer Surplus |
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141 | (1) |
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Market Equilibrium and Efficiency |
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142 | (4) |
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Total Surplus Is Lower with a Price Below the Equilibrium Price |
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143 | (2) |
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Total Surplus Is Lower with a Price Above the Equilibrium Price |
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145 | (1) |
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Efficiency and the Invisible Hand |
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145 | (1) |
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Government Intervention in Markets |
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146 | (2) |
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148 | (3) |
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148 | (1) |
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Application: Rent Control |
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148 | (2) |
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150 | (1) |
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A Closer Look: Milk Mountains |
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151 | (1) |
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Controlling the Quantity---Licensing and Import Restrictions |
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151 | (3) |
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Application: Taxi Medallions |
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152 | (1) |
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Licensing and Market Efficiency |
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153 | (1) |
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Economic Puzzle: Shortfall from Medallion Sale |
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154 | (3) |
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Winners and Losers from Licensing |
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154 | (1) |
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154 | (2) |
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A Closer Look: A Market For Used Human Organs? |
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156 | (1) |
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157 | (6) |
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Tax Shifting: Forward and Backward |
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157 | (2) |
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Predicting the Amount Shifted Forward and Backward |
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159 | (1) |
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Applications: Cigarette and Luxury Taxes |
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160 | (1) |
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Tax Burden and Deadweight Loss |
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161 | (2) |
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A Closer Look: Taxes and December Babies |
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163 | (1) |
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Economic Experiment: Government Intervention |
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163 | (1) |
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163 | (6) |
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PART 3 Information and Externalities |
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169 | (64) |
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Imperfect Information: Adverse Selection and Moral Hazard |
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170 | (24) |
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171 | (5) |
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Uninformed Buyers and Knowledgeable Sellers |
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172 | (1) |
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Equilibrium with All Low-Quality Goods |
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172 | (2) |
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A Thin Market: Equilibrium with Some High-Quality Goods |
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174 | (2) |
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Responding to the Lemons Problem |
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176 | (3) |
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Buyers Invest in Information |
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177 | (1) |
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Sellers Provide Guarantees |
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177 | (1) |
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177 | (1) |
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A Closer Look: Consumer Satisfaction Scores from ValueStar and eBay |
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178 | (1) |
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Evidence of the Lemons Effect |
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179 | (2) |
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The Price of a Week-Old Car |
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179 | (1) |
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179 | (1) |
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179 | (1) |
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180 | (1) |
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Uninformed Sellers and Knowledgeable Buyers: Insurance |
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181 | (5) |
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182 | (1) |
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Equilibrium with All High-Cost Consumers |
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183 | (1) |
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Responding to Adverse Selection in Insurance: Group Insurance |
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184 | (1) |
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185 | (1) |
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185 | (1) |
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A Closer Look: Genetic Testing, Thrill Seekers, and Insurance |
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186 | (1) |
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186 | (2) |
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Economic Puzzle: Bicycle Theft Insurance |
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188 | (1) |
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Economic Experiment: Rolling for Lemons |
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189 | (1) |
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Economic Experiment: Bike Insurance |
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189 | (1) |
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190 | (4) |
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194 | (24) |
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The Optimal Level of Pollution and Pollution Taxes |
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194 | (7) |
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Application: Finding the Optimal Level of Sulfur Dioxide Emissions |
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197 | (1) |
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A Firm's Response to a Pollution Tax |
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198 | (1) |
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The Market Effects of a Pollution Tax |
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199 | (2) |
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Traditional Regulation: Uniform Abatement and Command-and-Control Policies |
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201 | (3) |
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Uniform Abatement with Permits |
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201 | (1) |
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202 | (1) |
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Market Effects of Pollution Regulations |
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202 | (1) |
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A Closer Look: Dear Abby and Environmental Policy |
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203 | (1) |
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Marketable Pollution Permits |
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204 | (2) |
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Voluntary Exchange and Marketable Permits |
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204 | (1) |
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Supply, Demand, and the Price of Marketable Permits |
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205 | (1) |
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Application: Marketable Permits for Sulfur Dioxide |
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206 | (1) |
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Economic Puzzle: Why Did the Price of Permits Drop? |
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206 | (1) |
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Global Warming and Public Policy |
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207 | (4) |
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The Consequences of Global Warming |
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207 | (1) |
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The Kyoto Agreement and Developing Nations |
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208 | (1) |
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The Effects of a Carbon Tax |
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209 | (1) |
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Marketable Permits and Offsets for Carbon? |
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209 | (1) |
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A Closer Look: Giving the Gift of CO2 |
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210 | (1) |
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Ozone Pollution and the Automobile |
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211 | (2) |
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Economic Experiment: Pollution Permits |
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213 | (1) |
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214 | (4) |
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Public Goods and Public Choice |
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218 | (15) |
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An Overview of Government Spending and Taxes |
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219 | (1) |
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External Benefits and Inefficiency |
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220 | (3) |
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Public Goods and External Benefits |
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221 | (1) |
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Private Goods with External Benefits |
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221 | (1) |
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Public Goods and the Free-Rider Problem |
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222 | (1) |
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Economic Puzzle: Why Build a Three-Faced Clock Tower? |
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223 | (1) |
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Overcoming the Free-Rider Problem |
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223 | (1) |
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Applications: Asteroids and Wildlife |
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224 | (1) |
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224 | (1) |
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224 | (1) |
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225 | (5) |
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Voting and the Median-Voter Rule |
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225 | (2) |
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A Closer Look: Are Politicians Like Ice-Cream Vendors? |
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227 | (1) |
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Alternative Models of Government: Self-Interests and Special Interests |
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228 | (1) |
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Which Theory or Viewpoint Is Correct? |
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229 | (1) |
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Economic Experiment: Voluntary Contributions |
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230 | (1) |
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230 | (3) |
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PART 4 Market Structures and Pricing |
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233 | (144) |
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Production Technology and Cost |
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234 | (26) |
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235 | (2) |
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Economic Cost Is Opportunity Cost |
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236 | (1) |
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Short-Run Versus Long-Run Costs |
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236 | (1) |
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The Fixed Production Facility: Short-Run Costs |
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237 | (7) |
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Production and Marginal Product |
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237 | (2) |
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239 | (1) |
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240 | (2) |
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242 | (1) |
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The Relationship Between Marginal Cost and Average Cost |
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243 | (1) |
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Economic Puzzle: Same Average Cost at Two or Three Quantities? |
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244 | (2) |
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Production and Cost in the Long Run |
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246 | (8) |
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Expansion and Replication |
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246 | (2) |
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Scaling Down and Indivisible Inputs |
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248 | (1) |
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A Closer Look: Indivisible Inputs and the Cost of Fake Killer Whales |
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249 | (1) |
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Scaling Down and Labor Specialization |
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250 | (1) |
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250 | (1) |
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A Closer Look: Scale Economies in Wind Power |
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251 | (1) |
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252 | (1) |
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Actual Long-Run Average-Cost Curves |
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252 | (1) |
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Short-Run Versus Long-Run Average Cost |
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253 | (1) |
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Information Goods and First-Copy Cost |
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254 | (1) |
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255 | (5) |
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260 | (28) |
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Preview: Alternative Market Structures |
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262 | (1) |
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The Firm's Short-Run Output Decision |
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263 | (5) |
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The Total Approach: Computing Total Revenue and Total Cost |
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264 | (1) |
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265 | (2) |
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Economic Profit and the Break-Even Price |
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267 | (1) |
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Economic Puzzle: Fewer Deliveries and More Profit? |
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268 | (1) |
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The Firm's Shut-Down Decision |
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268 | (4) |
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Total Revenue, Variable Cost, and the Shut-Down Decision |
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269 | (1) |
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270 | (1) |
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Fixed Costs and Sunk Costs |
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271 | (1) |
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Application: Break-Even and Shut-Down Prices for Corn Farmer |
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271 | (1) |
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272 | (4) |
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The Firm's Short-Run Supply Curve |
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272 | (1) |
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The Short-Run Market Supply Curve |
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273 | (1) |
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274 | (1) |
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A Closer Look: Wireless Women |
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275 | (1) |
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The Long-Run Supply Curve for an Increasing-Cost Industry |
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276 | (3) |
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Production Cost and Industry Size |
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276 | (1) |
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Drawing the Long-Run Market Supply Curve |
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277 | (1) |
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Application: Increasing-Cost Industries---Wolfram, Sugar, Rental Housing |
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278 | (1) |
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Short-Run and Long-Run Effects of Changes in Demand |
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279 | (2) |
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The Short-Run Response to an Increase in Demand |
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279 | (1) |
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The Long-Run Response to an Increase in Demand |
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280 | (1) |
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Long-Run Supply for a Constant-Cost Industry |
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281 | (2) |
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Long-Run Supply Curve for a Constant-Cost Industry |
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281 | (1) |
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Application: Hurricane Andrew and the Price of Ice |
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282 | (1) |
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Economic Experiment: Butter Prices |
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283 | (1) |
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284 | (4) |
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Monopoly and Price Discrimination |
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288 | (24) |
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The Monopolist's Output Decision |
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290 | (6) |
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Total Revenue and Marginal Revenue |
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290 | (2) |
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The Marginal Principle and the Output Decision |
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292 | (2) |
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Using the Marginal Principle to Pick the Profit-Maximizing Quantity and Price |
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294 | (2) |
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The Social Cost of Monopoly |
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296 | (4) |
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Deadweight Loss from Monopoly |
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296 | (2) |
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Application: Ending the Monopoly on Internet Registration |
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298 | (1) |
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Rent Seeking: Using Resources to Get Monopoly Power |
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299 | (1) |
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Monopoly and Public Policy |
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300 | (1) |
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Patents and Monopoly Power |
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300 | (2) |
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Incentives for Innovation |
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300 | (1) |
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301 | (1) |
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A Closer Look: Barriers to Generic Drugs |
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302 | (1) |
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302 | (4) |
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Application: Senior Discounts in Restaurants |
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304 | (1) |
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Price Discrimination and the Elasticity of Demand |
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304 | (1) |
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A Closer Look: Interacting with a Soda Vending Machine on a Hot Day |
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305 | (1) |
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Application: Movie Admission and Popcorn |
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306 | (1) |
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Economic Puzzle: Why Are Hardback Books So Expensive? |
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306 | (1) |
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Economic Experiment: Price Discrimination |
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307 | (1) |
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308 | (4) |
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Market Entry and Monopolistic Competition |
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312 | (14) |
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The Effects of Market Entry |
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314 | (4) |
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Entry Squeezes Profits from Three Sides |
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315 | (1) |
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Application: Woofer, Tweeter, and the Stereo Business |
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316 | (1) |
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Entry Effects in the Real World |
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316 | (1) |
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A Closer Look: Restricting Entry of On-Line Wine Merchants |
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317 | (1) |
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318 | (3) |
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When Entry Stops: Long-Run Equilibrium |
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319 | (1) |
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Trade-Offs Between Average Cost and Variety |
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319 | (1) |
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Application: Location and Consumer Travel Costs |
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320 | (1) |
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Economic Puzzle: Lower Profit per Unit Sold? |
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321 | (1) |
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Economic Experiment: Fixed Costs and Entry |
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322 | (1) |
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322 | (4) |
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Oligopoly and Strategic Behavior |
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326 | (30) |
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327 | (2) |
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Cartel Pricing and the Duopolists' Dilemma |
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329 | (7) |
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Price Fixing and the Game Tree |
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331 | (1) |
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Predicting the Outcome of the Price-Fixing Game |
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332 | (1) |
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A Closer Look: Vitamin, Inc. Gets Busted |
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333 | (1) |
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Representing a Game with a Payoff Matrix |
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334 | (1) |
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334 | (2) |
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Overcoming the Duopolists' Dilemma |
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336 | (3) |
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Guaranteed Price Matching |
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336 | (1) |
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Repeated Pricing Games with Retaliation for Underpricing |
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337 | (1) |
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Application: Different Airline Ticket Prices |
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338 | (1) |
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339 | (1) |
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Alternative Models of Oligopoly Pricing |
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340 | (2) |
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340 | (1) |
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The Kinked Demand-Curve Model |
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341 | (1) |
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The Insecure Monopolist and Entry Deterrence |
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342 | (5) |
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The Passive Approach: Do Nothing to Deter Entry |
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342 | (1) |
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The Entry Deterrence Approach: Use Limit Pricing to Deter Entry |
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343 | (1) |
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344 | (1) |
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When Is the Passive Approach Better? |
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345 | (1) |
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A Closer Look: Crafty--and Illegal--Entry Deterrence in Europe |
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345 | (1) |
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Applications: Aluminum, Plane Tickets, and Campus Bookstores |
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346 | (1) |
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Entry Deterrence and Contestable Markets |
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347 | (1) |
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Economic Puzzle: Ballpoint Pens from R.I.P. |
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347 | (1) |
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348 | (2) |
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Game Theory and Nash Equilibrium |
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350 | (2) |
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Economic Experiment: A Price-Fixing Game |
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352 | (1) |
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352 | (4) |
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Market Structure and Public Policy |
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356 | (21) |
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357 | (4) |
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357 | (1) |
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Will a Second Firm Enter? |
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358 | (1) |
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Price Controls for a Natural Monopoly |
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359 | (2) |
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Economic Puzzle: A Decrease in Demand Decreases the Price? |
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361 | (1) |
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A Closer Look: Will Satellite Radio Become a Natural Monopoly? |
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361 | (1) |
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362 | (5) |
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362 | (1) |
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363 | (2) |
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Application: Merger Remedies for Xidex and Wonder Bread |
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365 | (1) |
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A Closer Look: Is Tripoly Better Than Duopoly? |
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365 | (2) |
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Economic Puzzle: Check the Yellow Pages? |
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367 | (2) |
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Regulating Business Practices: Price Fixing, Tying, and Cooperative Agreements |
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367 | (1) |
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Application: The Microsoft Case |
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368 | (1) |
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A Brief History of U.S. Antitrust Policy |
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368 | (1) |
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Deregulation of Airlines and Telecommunications |
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369 | (2) |
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370 | (1) |
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Deregulation of Telecommunications Services |
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370 | (1) |
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Deregulation of Electricity |
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371 | (3) |
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Electricity Deregulation in California |
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372 | (1) |
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Electricity Deregulation in Other U.S. States |
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373 | (1) |
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374 | (3) |
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PART 5 The Labor Market and Income Distribution |
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377 | (42) |
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The Labor Market and the Distribution of Income |
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378 | (26) |
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379 | (5) |
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Labor Demand by an Individual Firm in the Short Run |
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379 | (3) |
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Market Demand for Labor in the Short Run |
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382 | (1) |
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What About Labor Demand in the Long Run? |
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383 | (1) |
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Short-Run versus Long-Run Demand |
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383 | (1) |
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384 | (3) |
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The Individual Labor-Supply Decisions: How Many Hours to Work? |
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384 | (1) |
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The Market Supply Curve for Labor |
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385 | (2) |
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A Closer Look: The Economics of Not Working |
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387 | (1) |
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Economic Puzzle: Response to a Wage Cut? |
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387 | (1) |
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387 | (4) |
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Changes in Demand and Supply for Labor |
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388 | (1) |
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The Market Effects of the Minimum Wage Laws |
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389 | (1) |
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A Closer Look: Foreign Sweatshops and Industry Codes of Conduct |
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390 | (1) |
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The Trade-Offs from Immigration |
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390 | (1) |
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Explaining Differences in Wages and Income |
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391 | (5) |
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Why Do Wages Differ Across Occupations? |
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391 | (2) |
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393 | (1) |
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393 | (1) |
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A Closer Look: Racial Discrimination in Hiring |
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394 | (1) |
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Why Do College Graduates Earn Higher Wages? |
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395 | (1) |
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The Distribution of Income |
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396 | (4) |
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Income Distribution Facts |
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396 | (1) |
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Recent Changes in the Distribution of Income |
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397 | (1) |
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Changes in the Top End of Income Distribution: 1920--1998 |
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398 | (2) |
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400 | (4) |
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Beyond Perfect Competition: Unions, Monopsony, and Imperfect Information |
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404 | (15) |
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405 | (4) |
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A Brief History of Labor Unions in the United States |
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406 | (1) |
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406 | (1) |
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A Closer Look: Working Conditions and Unions |
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407 | (1) |
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Effects of Unions on Worker Productivity and Turnover |
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408 | (1) |
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409 | (5) |
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Picking a Workforce and a Wage |
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409 | (2) |
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Monopsony versus Perfect Competition |
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411 | (1) |
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Monopsony and a Minimum Wage |
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412 | (1) |
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Monopsony and the Real World |
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413 | (1) |
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A Closer Look: Pubs and Labor-Supply Curve |
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414 | (1) |
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Imperfect Information and Efficiency Wages |
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414 | (1) |
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Economic Puzzle: Higher Wages at Ford Motor Company |
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415 | (1) |
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416 | (3) |
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PART 6 The International Economy |
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419 | (25) |
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International Trade and Public Policy |
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420 | (24) |
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Benefits from Specialization and Trade |
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421 | (5) |
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Production Possibilities Curve |
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422 | (1) |
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Comparative Advantage and the Terms of Trade |
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423 | (1) |
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The Consumption Possibilities Curve |
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424 | (1) |
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The Employment Effects of Free Trade |
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425 | (1) |
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426 | (4) |
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426 | (1) |
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Quotas and Voluntary Export Restraints |
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427 | (2) |
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429 | (1) |
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Responses to Protectionist Policies |
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429 | (1) |
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Rationales for Protectionist Policies |
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430 | (3) |
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To Shield Workers from Foreign Competition |
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431 | (1) |
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To Nurture Infant Industries |
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431 | (1) |
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A Closer Look: The Cost of Protecting Jobs |
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431 | (1) |
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A Closer Look: Protection for Candle Makers |
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432 | (1) |
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To Help Domestic Firms Establish Monopolies in World Markets |
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432 | (1) |
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A Brief History of International Tariff and Trade Agreements |
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|
433 | (1) |
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Recent Policy Debates and Trade Agreements |
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434 | (6) |
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Are Foreign Producers Dumping Their Products? |
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|
435 | (1) |
|
Do Trade Laws Inhibit Environmental Protection? |
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|
436 | (2) |
|
Does Trade Cause Inequality? |
|
|
438 | (1) |
|
Why Do People Protest Against Free Trade? |
|
|
438 | (2) |
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Economic Experiment: Protectionist Policies |
|
|
440 | (1) |
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|
440 | (4) |
| Glossary |
|
444 | (6) |
| Answers to Odd-Numbered Problems and Discussion Questions |
|
450 | (7) |
| Index |
|
457 | |
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