Microeconomics: Principles and Tools

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

• ISBN13: 9780130189820
• ISBN10: 0130189820
• Edition: 2nd
• Format: Paperback
• Copyright: 2000-06-01
• Publisher: Pearson College Div

Summary

The most successful first edition of a principles of economics text in Prentice Hall history. The authors build a framework for economic reasoning on the Five Principles of Economics then moves the student from memorization to understanding by applying these simple, intuitive and memorable principles repeatedly throughout the text in an "active learning" environment (Economic Experiments, Economic Detective, Using the Tools). The goal is for student to not only think like economists, but to act like economists. The economics analysis is rigorous yet accessible to the average student. The microeconomics organization is modern and balanced, with equal weight given to showing how they are linked. WebCT, Blackboard, myPHLIP supported.

Table of Contents

Preface	xxi
PART 1: Introduction and Key Principles	1	(96)
Introduction: What is Economics?	1	(22)
Key Principles of Economics	23	(20)
Markets in the Global Economy	43	(20)
Supply, Demand, and Market Equilibrium	63	(34)
PART 2: A Closer Look at Supply and Demand	97	(66)
Elasticity: A Measure of Responsiveness	97	(22)
Market Efficiency and Government Intervention	119	(26)
Consumer Choice	145	(18)
PART 3: Market Structures and Pricing	163	(144)
Production and Cost	163	(24)
Perfect Competition: Short Run and Long Run	187	(24)
Monopoly	211	(22)
Entry and Monopolistic Competition	233	(16)
Oligopoly and Strategic Behavior	249	(26)
Using Market Power: Price Discrimination and Advertising	275	(18)
Controlling Market Power: Antitrust Policy and Deregulation	293	(14)
PART 4: Spillovers and Information	307	(64)
Public Goods, Taxes, and Public Choice	307	(24)
Environmental Policy	331	(22)
Imperfect Information and Disappearing Markets	353	(18)
PART 5: The Labor Market and Economic Challenges	371	(46)
The Labor Market	371	(28)
Economic Challenges: Poverty, Aging, Health Care	399	(18)
PART 6: The International Economy	417
International Trade and Public Policy	417
Glossary	G-1
Photo Credits	PC-1
Answers to Odd Numbered Problems and Discussion Questions	A-1
Index	I-1