Microeconomics : Principles, Applications, and Tools

by O'Sullivan, Arthur; Sheffrin, Steven M.; Perez, Steve

• ISBN13: 9780131572836
• ISBN10: 0131572830
• Edition: 5th
• Format: Hardcover
• Copyright: 2007-01-01
• Publisher: Prentice Hall

Summary

The book provides a clear, concise, and accessible presentation of key points. Its hallmark feature includes a focus on the 5 Key Principles of Economics1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), 5) The Reality Principle (distinguishing real from nominal magnitudes). For financial professionals and analysts.

Table of Contents

Preface	p. xiv
Introduction and Key Principles
Introduction: What Is Economics?	p. 2
What Is Economics?	p. 4
Positive Versus Normative Analysis	p. 5
The Three Key Economic Questions: What, How, and Who?	p. 6
Economic Models	p. 6
Economic Analysis and Modern Problems	p. 7
Economic View of Traffic Congestion	p. 7
Economic View of Poverty in Africa	p. 7
Economic View of Japan's Economic Problems	p. 8
The Economic Way of Thinking	p. 9
Use Assumptions to Simplify	p. 9
Isolate Variables-Ceteris Paribus	p. 9
Think at the Margin	p. 10
Rational People Respond to Incentives	p. 10
Pedaling for Television Time	p. 11
Preview of Coming Attractions: Macroeconomics	p. 11
To Understand Why Economies Grow	p. 11
London Solves its Congestion Problem	p. 12
To Understand Economic Fluctuations	p. 13
To Make Informed Business Decisions	p. 13
Preview of Coming Attractions: Microeconomics	p. 13
To Understand Markets and Predict Changes	p. 13
To Make Personal and Managerial Decisions	p. 14
To Evaluate Public Policies	p. 14
Summary	p. 15
Key Terms	p. 15
Exercise	p. 15
Using Graphs and Percentages	p. 17
Using Graphs	p. 17
Computing Percentage Changes and Using Equations	p. 24
The Key Principles of Economics	p. 28
The Principle of Opportunity Cost	p. 30
The Cost of College	p. 30
The Opportunity Costs of Time and Invested Funds	p. 31
Opportunity Cost and the Production Possibilities Curve	p. 31
The Marginal Principle	p. 33
The Opportunity Cost of Military Spending	p. 34
How Many Movie Sequels?	p. 35
Renting College Facilities	p. 36
Automobile Emissions Standards	p. 36
Continental Airlines Uses the Marginal Principle	p. 37
The Principle of Voluntary Exchange	p. 37
Exchange and Markets	p. 37
Online Games and Market Exchange	p. 38
The Principle of Diminishing Returns	p. 38
Tiger Woods and Weeds	p. 39
Diminishing Returns from Sharing a Production Facility	p. 39
Fertilizer and Crop Yields	p. 40
The Real-Nominal Principle	p. 40
The Declining Real Minimum Wage	p. 41
Repaying Student Loans	p. 42
Summary	p. 43
Key Terms	p. 43
Exercises	p. 43
Economic Experiment	p. 47
Exchange and Markets	p. 48
Comparative Advantage and Exchange	p. 50
Specialization and the Gains from Trade	p. 50
Comparative Advantage Versus Absolute Advantage	p. 52
The Division of Labor and Exchange	p. 52
Comparative Advantage and International Trade	p. 53
Moving Jobs to Different States and Different Countries	p. 54
Movie Exports	p. 54
Candy Cane Makers Move to Mexico for Cheap Sugar	p. 55
Markets	p. 56
Virtues of Markets	p. 56
Markets in a Prisoner of War Camp	p. 57
Market Failure and the Role of Government	p. 58
Government Enforces the Rules of Exchange	p. 59
Government Can Reduce Economic Uncertainty	p. 60
Summary	p. 61
Key terms	p. 61
Exercises	p. 61
Demand, Supply, and Market Equilibrium	p. 66
The Demand Curve	p. 68
The Individual Demand Curve and the Law of Demand	p. 68
From Individual Demand to Market Demand	p. 69
The Supply Curve	p. 70
The Individual Supply Curve and the Law of Supply	p. 71
Why Is the Individual Supply Curve Positively Sloped?	p. 72
From Individual Supply to Market Supply	p. 73
Why Is the Market Supply Curve Positively Sloped?	p. 74
Market Equilibrium: Bringing Demand and Supply Together	p. 74
Excess Demand Causes the Price to Rise	p. 75
Excess Supply Causes the Price to Drop	p. 76
Market Effects of Changes in Demand	p. 76
Change in Quantity Demanded Versus Change in Demand	p. 76
Increases in Demand Shift the Demand Curve	p. 77
Decreases in Demand Shift the Demand Curve	p. 78
A Decrease in Demand Decreases the Equilibrium Price	p. 80
Market Effects of Changes in Supply	p. 80
Change in Quantity Supplied Versus Change in Supply	p. 80
Increases in Supply Shift the Supply Curve	p. 81
An Increase in Supply Decreases the Equilibrium Price	p. 82
Decreases in Supply Shift the Supply Curve	p. 83
A Decrease in Supply Increases the Equilibrium Price	p. 83
Simultaneous Changes in Demand and Supply	p. 84
Predicting and Explaining Market Changes	p. 85
Applications of Demand and Supply	p. 86
Hurricane Katrina and Baton Rouge Housing Prices	p. 86
Ted Koppel Tries to Explain Lower Drug Prices	p. 87
Electricity from the Wind	p. 88
The Bouncing Price of Vanilla Beans	p. 89
Platinum, Jewelry, Catalytic Converters	p. 90
Summary	p. 91
Key Terms	p. 91
Exercises	p. 91
Economic Experiment	p. 96
A Closer Look at Demand and Supply
Elasticity: A Measure of Responsiveness	p. 98
The Price Elasticity of Demand	p. 100
Computing Percentage Changes and Elasticities	p. 100
Price Elasticity and the Demand Curve	p. 102
Elasticity and the Availability of Substitutes	p. 102
Other Determinants of the Price Elasticity of Demand	p. 105
Using Price Elasticity to Predict Changes in Quantity	p. 105
Beer Taxes and Highway Deaths	p. 106
Subsidized Medical Care in Cote d'Ivoire and Peru	p. 107
Price Elasticity and Total Revenue	p. 107
How to Cut Teen Smoking by 60 Percent	p. 108
Elastic Versus Inelastic Demand	p. 109
Market Elasticity Versus Elasticity for a Firm	p. 110
Transit Fares and Deficits	p. 110
A Bumper Crop Is Bad News for Farmers	p. 111
Drug Prices and Property Crime	p. 112
Elasticity and Total Revenue for a Linear Demand Curve	p. 112
Price Elasticity Along a Linear Demand Curve	p. 112
Elasticity and Total Revenue for a Linear Demand Curve	p. 114
Other Elasticities of Demand	p. 114
Income Elasticity of Demand	p. 115
Cross-Price Elasticity of Demand	p. 115
The Price Elasticity of Supply	p. 116
What Determines the Price Elasticity of Supply?	p. 117
The Role of Time: Short-Run Versus Long-Run Supply Elasticity	p. 117
Extreme Cases: Perfectly Inelastic Supply and Perfectly Elastic Supply	p. 118
Predicting Changes in Quantity Supplied	p. 119
Using Elasticities to Predict Changes in Equilibrium Price	p. 119
The Price Effects of a Change in Demand	p. 119
The Price Effects of a Change in Supply	p. 121
Metropolitan Growth and Housing Prices	p. 121
An Import Ban and Shoe Prices	p. 123
Summary	p. 123
Key Terms	p. 124
Exercises	p. 124
Market Efficiency and Government Intervention	p. 128
Consumer Surplus and Producer Surplus	p. 130
The Demand Curve and Consumer Surplus	p. 131
The Supply Curve and Producer Surplus	p. 131
Market Equilibrium and Efficiency	p. 132
Total Surplus Is Lower with a Price Below the Equilibrium Price	p. 133
Total Surplus Is Lower with a Price Above the Equilibrium Price	p. 134
Efficiency and the Invisible Hand	p. 134
Government Intervention in Efficient Markets	p. 135
Controlling Prices-Maximum and Minimum Prices	p. 135
Setting Maximum Prices	p. 135
Rent Control	p. 136
Milk Mountains	p. 138
Setting Minimum Prices	p. 138
Controlling Quantities-Licensing and Import Restrictions	p. 138
Taxi Medallions	p. 139
Licensing and Market Efficiency	p. 139
Winners and Losers from Licensing	p. 140
Import Restrictions	p. 140
U.S. and European Consumers Pay for Import Restrictions	p. 142
Who Really Pays Taxes?	p. 142
Tax Shifting: Forward and Backward	p. 142
Supply and Demand for Human Organs	p. 143
Tax Shifting and the Price Elasticity of Demand	p. 144
Cigarette Taxes and Tobacco Land	p. 145
Tax Burden and Deadweight Loss	p. 145
Boat Workers and the Tax on Luxury Boats	p. 145
Taxes and December Babies	p. 147
Summary	p. 147
Key Terms	p. 148
Exercises	p. 148
Economic Experiment	p. 151
Consumer Choice Using Utility Theory	p. 152
Total and Marginal utility	p. 154
Consumer Choice	p. 155
Consumer Constraints: The Budget Line	p. 155
Making Choices Using the Equimarginal Rule	p. 156
New Zealand's Tax on Light Spirits	p. 157
Online Music Stores and Piracy	p. 158
The Individual Demand Curve	p. 159
The Income and Substitution Effects of a Price Change	p. 159
Points on the Demand Curve	p. 160
The Substitution Effect of a Gas Tax Decreases Gas Consumption	p. 161
Application of Consumer Choice	p. 162
Inflation Doesn't Change Consumption or Utility	p. 162
Television Versus Radio Advertising	p. 163
Summary	p. 164
Key Terms	p. 164
Exercises	p. 164
Consumer Choice with Indifference Curves	p. 168
Consumer Constraints and Preferences	p. 168
Maximizing Utility	p. 171
What's Your MRS?	p. 172
Online Music and Piracy	p. 173
Inflation Doesn't Change Consumption or Utility	p. 174
Drawing the Individual Demand Curve	p. 175
The Substitution Effect of a Gas Tax Decreases Gas Consumption	p. 178
Summary	p. 179
Exercises	p. 180
Key Terms	p. 180
Market Structures and Pricing
Production Technology and Cost	p. 184
Economic Cost and Economic Profit	p. 186
A Firm with a Fixed Production Facility: Short-Run Costs	p. 187
Production and Marginal Product	p. 187
Short-Run Total Cost	p. 188
Short-Run Average Costs	p. 190
Short-Run Marginal Cost	p. 191
The Relationship Between Marginal Cost and Average Cost	p. 192
Production and Cost in the Long Run	p. 193
Expansion and Replication	p. 193
Reducing Output with Indivisible Inputs	p. 195
Scaling Down and Labor Specialization	p. 195
Economies of Scale	p. 196
Diseconomies of Scale	p. 196
Actual Long-Run Average-Cost Curves	p. 196
Short-Run Versus Long-Run Average Cost	p. 197
Applications of Production Cost	p. 198
The Production Cost of an iPod Nano	p. 198
Indivisible inputs and the Cost of Fake Killer Whales	p. 199
Scale Economies in Wind Power	p. 200
Information Goods and First-Copy Cost	p. 200
The Average Cost of Producing Airplanes	p. 201
Summary	p. 202
Key Terms	p. 203
Exercises	p. 203
Perfect Competition	p. 206
Preview of the Four Market Structures	p. 208
The Firm's Short-Run Output Decision	p. 210
The Total Approach: Computing Total Revenue and Total Cost	p. 210
The Marginal Approach	p. 211
Economic Profit and the Break-Even Price	p. 213
The Firm's Shut-Down Decision	p. 213
Total Revenue, Variable Cost, and the Shut-Down Decision	p. 213
The Shut-Down Price	p. 215
Fixed Costs and Sunk Costs	p. 215
The Break-Even Price for a Corn Farmer	p. 216
Short-Run Supply Curves	p. 216
The Firm's Short-Run Supply Curve	p. 216
The Short-Run Market Supply Curve	p. 217
Market Equilibrium	p. 218
Wireless Women in Pakistan	p. 219
The Long-Run Supply Curve for an Increasing-Cost Industry	p. 219
Production Cost and Industry Size	p. 220
Drawing the Long-Run Market Supply Curve	p. 220
Wolfram Miners Obey the Law of Supply	p. 221
The Worldwide Supply of Sugar	p. 222
Short-Run and Long-Run Effects of Changes in Demand	p. 222
The Short-Run Response to an Increase in Demand	p. 222
The Long-Run Response to an Increase in Demand	p. 223
Zoning, Land Prices, and the Supply Curve for Apartments	p. 224
Long-Run Supply for a Constant-Cost Industry	p. 225
Long-Run Supply Curve for a Constant-Cost Industry	p. 225
Hurricane Andrew and the Price of Ice	p. 225
Summary	p. 227
Key Terms	p. 227
Exercises	p. 227
Monopoly and Price Discrimination	p. 232
The Monopolist's Output Decision	p. 234
Total Revenue and Marginal Revenue	p. 235
A Formula for Marginal Revenue	p. 236
Using the Marginal Principle	p. 236
The Social Cost of Monopoly	p. 239
Deadweight Loss from Monopoly	p. 239
Rent Seeking: Using Resources to Get Monopoly Power	p. 241
Monopoly and Public Policy	p. 241
Ending the Monopoly on Internet Registration	p. 242
Patents and Monopoly Power	p. 242
Incentives for Innovation	p. 242
Trade-Offs from Patents	p. 243
Price Discrimination	p. 243
Bribing the Makers of Generic Drugs	p. 244
Senior Discounts in Restaurants	p. 245
Price Discrimination and the Elasticity of Demand	p. 246
Paying for a Cold Soft Drink on a Hot Day	p. 246
The Pricing of Movie Admission and Popcorn	p. 247
Hardback Books Are Relatively Expensive	p. 248
Summary	p. 249
Key Terms	p. 250
Exercises	p. 250
Economic Experiment	p. 252
Market Entry and Monopolistic Competition	p. 254
The Effects of Market Entry	p. 256
Entry Squeezes Profits from Three Sides	p. 257
Woofer, Tweeter, and the Stereo Business	p. 258
Deregulation and Entry in Trucking	p. 258
Name Brands Versus Store Brands	p. 259
Monopolistic Competition	p. 259
When Entry Stops: Long-Run Equilibrium	p. 260
Differentiation by Location	p. 261
Trade-Offs with Entry and Monopolistic Competition	p. 261
Average Cost and Variety	p. 261
Opening a Dunkin' Donuts Shop	p. 262
Monopolistic Competition Versus Perfect Competition	p. 263
Advertising for Product Differentiation	p. 264
Celebrity Endorsements and Signaling	p. 264
Advertising and Movie Buzz	p. 265
Summary	p. 266
Key Terms	p. 266
Exercises	p. 266
Economic Experiment	p. 269
Oligopoly and Strategic Behavior	p. 270
What Is an Oligopoly?	p. 272
Cartel Pricing and the Duopolists' Dilemma	p. 273
Price-Fixing and the Game Tree	p. 275
Equilibrium of the Price-Fixing Game	p. 276
Nash Equilibrium	p. 277
Overcoming the Duopolists' Dilemma	p. 277
Low-Price Guarantees	p. 277
Vitamin Inc. Gets Busted	p. 273
Repeated Pricing Games with Retaliation for Underpricing	p. 279
Low-Price Guarantees and Empty Promises	p. 280
Price-Fixing and the Law	p. 281
Alternative Models of Oligopoly Pricing	p. 282
Price Leadership	p. 282
The Kinked Demand Curve Mode	p. 282
Simultaneous Decision Making and the Payoff Matrix	p. 283
Simultaneous Price-Fixing Game	p. 283
The Prisoners' Dilemma	p. 284
The Insecure Monopolist and Entry Deterrence	p. 285
The Passive Approach	p. 285
Entry Deterrence and Limit Pricing	p. 286
Legal and Illegal Entry Deterrence	p. 288
Examples: Microsoft Windows and Campus Bookstores	p. 288
Entry Deterrence and Contestable Markets	p. 289
When Is the Passive Approach Better?	p. 289
The Advertisers' Dilemma	p. 289
Reynolds International Takes the Money and Leaves the Market	p. 290
Summary	p. 292
Key Terms	p. 292
Exercises	p. 292
Economic Experiment	p. 297
Controlling Market Power: Antitrust and Regulation	p. 298
Natural Monopoly	p. 300
Picking an Output Level	p. 300
Will a Second Firm Enter?	p. 301
Price Controls for a Natural Monopoly	p. 302
XM and Sirius Satellite Radio	p. 303
A Decrease in Demand Increases The Price of Cable TV	p. 304
Antitrust Policy	p. 304
Breaking Up Monopolies	p. 304
Blocking Mergers	p. 305
Merger Remedy for Wonder Bread	p. 306
Heinz and Beech-Nut Battle for Second Place	p. 307
Regulating Business Practices: Price-Fixing, Tying, and Cooperative Agreements	p. 308
Xidex Recovers Its Acquisition Cost in Two Years	p. 309
The Microsoft Cases	p. 309
A Brief History of U.S. Antitrust Policy	p. 309
Deregulation: Airlines, Telecommunications, and Electricity	p. 310
Deregulation of Airlines	p. 310
Deregulation of Telecommunication Services	p. 311
Deregulation of Electricity	p. 311
Electricity Deregulation in California	p. 312
Electricity Deregulation in Other U.S. States	p. 313
Summary	p. 313
Key Terms	p. 313
Exercises	p. 313
Externalities and Information
Imperfect Information: Adverse Selection and Moral Hazard	p. 316
The Lemons Problem	p. 318
Uninformed Buyers and Knowledgeable Sellers	p. 318
Equilibrium with All Low-Quality Goods	p. 319
A Thin Market: Equilibrium with Some High-Quality Goods	p. 320
Responding to the Lemons Problem	p. 322
Buyers Invest in Information	p. 322
Consumer Satisfaction Scores from ValueStar and eBay	p. 322
Guarantees and Lemons Laws	p. 322
Evidence of the Lemons Effect	p. 323
The Resale Value of a Week-Old Car	p. 323
Used Pickup Trucks	p. 324
Regulation of the California Kiwifruit Market	p. 324
Baseball Pitchers Are Like Used Cars	p. 325
Uninformed Sellers and Knowledgeable Buyers: Insurance	p. 326
Health Insurance	p. 326
Equilibrium with All High-Cost Consumers	p. 326
Responding to Adverse Selection in Insurance: Group Insurance	p. 328
The Uninsured	p. 328
Genetic Testing Benefits Low-Risk People	p. 329
Other Types of Insurance	p. 330
Insurance and Moral Hazard	p. 330
Deposit Insurance for Savings & Loans	p. 331
People with Insurance Take More Risks	p. 331
Summary	p. 332
Key Terms	p. 332
Exercises	p. 332
Economic Experiments	p. 336
Public Goods and Public Choice	p. 338
External Benefits and Public Goods	p. 340
Public Goods and the Free-Rider Problem	p. 341
Free Riders and the Three-Clock Tower	p. 343
Overcoming the Free-Rider Problem	p. 343
Paying Landowners to Host Wolves	p. 344
Asteroid Diversion as a Public Good	p. 344
Private Goods with External Benefits	p. 345
External Benefits from Education	p. 345
External Benefits and the Marginal Principle	p. 345
Other Private Goods That Generate External Benefits	p. 346
External Benefits from LoJack	p. 347
Public Choice	p. 347
Voting and the Median-Voter Rule	p. 347
Alternative Models of Government: Self-Interest and Special Interests	p. 349
Politicians Are Like Ice-Cream Sellers	p. 350
Which Theory Is Correct?	p. 351
Summary	p. 351
Key Terms	p. 351
Exercises	p. 351
Economic Experiment	p. 353
External Costs and Environmental Policy	p. 354
The Optimal Level of Pollution	p. 356
Using the Marginal Principle	p. 356
The Optimal of Level Sulfur Dioxide Emissions	p. 357
Taxing Pollution	p. 358
A Firm's Response to a Pollution Tax	p. 358
The Market Effects of a Pollution Tax	p. 358
Traditional Regulation	p. 360
Uniform Abatement with Permits	p. 360
The Effects of a Carbon Tax	p. 361
Command and Control	p. 362
Market Effects of Pollution Regulations	p. 362
Marketable Pollution Permits	p. 362
Dear Abby and Environmental Policy	p. 363
Voluntary Exchange and Marketable Permits	p. 364
Supply, Demand, and the Price of Marketable Permits	p. 364
External Costs from Automobiles	p. 365
External Costs from Pollution	p. 365
Marketable Permits for Sulfur Dioxide	p. 366
Chicago Climate Exchange	p. 367
External Costs from Congestion	p. 368
External Costs from Collisions	p. 369
Young Drivers and Collisions	p. 369
Summary	p. 370
Key Terms	p. 370
Exercises	p. 370
Economic experiment	p. 373
The Labor Market and Income Distribution
The Labor Market, Income, and Poverty	p. 374
The Demand for Labor	p. 376
Labor Demand by an Individual Firm in the Short Run	p. 376
Market Demand for Labor in the Short Run	p. 379
Labor Demand in the Long Run	p. 379
Short-Run Versus Long-Run Demand	p. 379
The Supply of Labor	p. 380
The Individual Labor-Supply Decision: How Many Hours?	p. 380
Different Responses to a Higher Wage	p. 381
The Market Supply Curve for Labor	p. 381
Labor Market Equilibrium	p. 382
Changes in Demand and Supply	p. 382
The Market Effects of the Minimum Wage	p. 383
Codes of Conduct and Living Wages	p. 384
Trade-Offs from Immigration	p. 385
Explaining Differences in Wages and Income	p. 385
Why Do Wages Differ Across Occupations?	p. 386
The Gender Pay Gap	p. 386
Wage Premiums for Dangerous Jobs	p. 387
Racial Discrimination	p. 388
Why Do College Graduates Earn Higher Wages?	p. 388
Lakisha Washington Versus Emily Walsh	p. 389
The Distribution of Income	p. 390
Income Distribution Facts	p. 390
Recent Changes in the Distribution of Income	p. 391
Changes in the Top End of Income Distribution: 1920-1998	p. 392
Poverty and Public Policy	p. 393
Poverty Rates for Different Groups	p. 393
Redistribution Programs for the Poor	p. 394
Welfare Reform and TANF	p. 394
Welfare and Work Incentives	p. 395
Summary	p. 396
Key Terms	p. 396
Exercises	p. 396
Unions, Monopsony, and Imperfect Information	p. 400
Labor Unions	p. 402
A Brief History of Labor Unions in the United States	p. 402
Labor Unions and Wages	p. 403
Truckers Trade Off Wages and Jobs	p. 404
Market Structure and the Wage-Jobs Trade-Off	p. 405
The Effects of Unions on Worker Productivity and Turnover	p. 405
Competition Reduces Trucker Wages	p. 406
Monopsony Power	p. 406
Marginal Labor Cost Exceeds the Wage	p. 407
Picking a Quantity of Labor and a Wage	p. 407
Monopsony Versus Perfect Competition	p. 408
Monopsony and a Minimum Wage	p. 409
Monopsony and the Real World	p. 410
Pubs and the Labor-Supply Curve	p. 411
Imperfect Information and Efficiency Wages	p. 411
The Mixed Market for Labor	p. 411
Efficiency Wages at Ford Motor Company	p. 413
Summary	p. 413
Key Terms	p. 414
Exercises	p. 414
The International Economy
International Trade and Public Policy	p. 416
Benefits from Specialization and Trade	p. 418
Production Possibilities Curve	p. 418
Comparative Advantage and the Terms of Trade	p. 419
The Consumption Possibilities Curve	p. 420
How Free Trade Affects Employment	p. 421
Protectionist Policies	p. 422
Import Bans	p. 422
Quotas and Voluntary Export Restraints	p. 422
Responses to Protectionist Policies	p. 424
The Impact of Tariff31s on the Poor	p. 424
What Are the Rationales for Protectionist Policies?	p. 425
To Shield Workers from Foreign Competition	p. 425
To Nurture Infant Industries	p. 425
Measuring the Costs of Protecting Jobs	p. 426
To Help Domestic Firms Establish Monopolies in World Markets	p. 426
Protection for Candle Makers	p. 427
A Brief History of International Tariff and Trade Agreements	p. 428
Ongoing Trade Negotiations	p. 429
Recent Policy Debates and Trade Agreements	p. 429
Are Foreign Producers Dumping Their Products?	p. 429
Do Trade Laws Inhibit Environmental Protection?	p. 430
Do Outsourcing and Trade Cause Inequality?	p. 431
Why Do People Protest Against Free Trade?	p. 432
Summary	p. 433
Key Terms	p. 433
Exercises	p. 433
Glossary	p. 436
Photo Credits	p. 441
Index	p. 442
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