Name: Microeconomics 7th Edition Hubbard Test Bank
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ISBN-10 ‏ : ‎ 0134737504
ISBN-13 ‏ : ‎ 978-0134737508
Author: Glenn Hubbard (Author), Anthony O’Brien (Author)

One of the challenges of teaching principles of microeconomics is fostering interest in concepts that may not seem applicable to students’ lives. Microeconomicsmakes this topic relevant by demonstrating how real businesses use microeconomics to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path — opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the economic forces behind their work.

Table of Content:

Part 1 Introduction
1 Economics: Foundations and Models
Chapter Outline & Learning Objectives
1.1 Three Key Economic Ideas
People Are Rational
People Respond to Economic Incentives
Optimal Decisions Are Made at the Margin
1.2 The Economic Problem That Every Society Must Solve
What Goods and Services Will Be Produced?
How Will the Goods and Services Be Produced?
Who Will Receive the Goods and Services Produced?
Centrally Planned Economies versus Market Economies
The Modern “Mixed” Economy
Efficiency and Equity
1.3 Economic Models
The Role of Assumptions in Economic Models
Forming and Testing Hypotheses in Economic Models
Positive and Normative Analysis
Economics as a Social Science
1.4 Microeconomics and Macroeconomics
1.5 Economic Skills and Economics as a Career
1.6 A Preview of Important Economic Terms
Conclusion
Chapter Summary and Problems
Key Terms
1.1 Three Key Economic Ideas
Summary
Review Questions
Problems and Applications
1.2 The Economic Problem That Every Society Must Solve
Summary
Review Questions
Problems and Applications
1.3 Economic Models
Summary
Review Questions
Problems and Applications
1.4 Microeconomics and Macroeconomics
Summary
Review Question
Problems and Applications
Critical Thinking Exercises
Appendix Using Graphs and Formulas
Graphs of One Variable
Graphs of Two Variables
Slopes of Lines
Taking into Account More Than Two Variables on a Graph
Positive and Negative Relationships
Determining Cause and Effect
Are Graphs of Economic Relationships Always Straight Lines?
Slopes of Nonlinear Curves
Formulas
Formula for a Percentage Change
Formulas for the Areas of a Rectangle and a Triangle
Summary of Using Formulas
1A Using Graphs and Formulas, pages 28–38
Problems and Applications
2 Trade-offs, Comparative Advantage, and the Market System
Chapter Outline & Learning Objectives
2.1 Production Possibilities Frontiers and Opportunity Costs
Graphing the Production Possibilities Frontier
Increasing Marginal Opportunity Costs
Economic Growth
2.2 Comparative Advantage and Trade
Specialization and Gains from Trade
Absolute Advantage versus Comparative Advantage
Comparative Advantage and the Gains from Trade
2.3 The Market System
The Circular Flow of Income
The Gains from Free Markets
The Market Mechanism
The Role of the Entrepreneur in the Market System
The Legal Basis of a Successful Market System
Protection of Private Property
Enforcement of Contracts and Property Rights
Conclusion
Chapter Summary and Problems
Key Terms
2.1 Production Possibilities Frontiers and Opportunity Costs
Summary
Review Questions
Problems and Applications
2.2 Comparative Advantage and Trade
Summary
Review Questions
Problems and Applications
2.3 The Market System
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
3 Where Prices Come From: The Interaction of Demand and Supply
Chapter Outline & Learning Objectives
3.1 The Demand Side of the Market
Demand Schedules and Demand Curves
The Law of Demand
What Explains the Law of Demand?
Holding Everything Else Constant: The Ceteris Paribus Condition
Variables That Shift Market Demand
Income
Prices of Related Goods
Tastes
Population and Demographics
Expected Future Prices
A Change in Demand versus a Change in Quantity Demanded
3.2 The Supply Side of the Market
Supply Schedules and Supply Curves
The Law of Supply
Variables That Shift Market Supply
Prices of Inputs
Technological Change
Prices of Related Goods in Production
Number of Firms in the Market
Expected Future Prices
A Change in Supply versus a Change in Quantity Supplied
3.3 Market Equilibrium: Putting Demand and Supply Together
How Markets Eliminate Surpluses and Shortages
Demand and Supply Both Count
3.4 The Effect of Demand and Supply Shifts on Equilibrium
The Effect of Shifts in Demand on Equilibrium
The Effect of Shifts in Supply on Equilibrium
The Effect of Shifts in Demand and Supply over Time
Shifts in a Curve versus Movements along a Curve
Conclusion
Chapter Summary and Problems
Key Terms
3.1 The Demand Side of the Market
Summary
Review Questions
Problems and Applications
3.2 The Supply Side of the Market
Summary
Review Questions
Problems and Applications
3.3 Market Equilibrium: Putting Demand and Supply Together
Summary
Review Questions
Problems and Applications
3.4 The Effect of Demand and Supply Shifts on Equilibrium
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
4 Economic Efficiency, Government Price Setting, and Taxes
Chapter Outline & Learning Objectives
4.1 Consumer Surplus and Producer Surplus
Consumer Surplus
Producer Surplus
What Consumer Surplus and Producer Surplus Measure
4.2 The Efficiency of Competitive Markets
Marginal Benefit Equals Marginal Cost in Competitive Equilibrium
Economic Surplus
Deadweight Loss
Economic Surplus and Economic Efficiency
4.3 Government Intervention in the Market: Price Floors and Price Ceilings
Price Floors: Government Policy in Agricultural Markets
Price Ceilings: Government Rent Control Policy in Housing Markets
Black Markets and Peer-to-Peer Sites
The Results of Government Price Controls: Winners, Losers, and Inefficiency
Positive and Normative Analysis of Price Ceilings and Price Floors
4.4 The Economic Effect of Taxes
The Effect of Taxes on Economic Efficiency
Tax Incidence: Who Actually Pays a Tax?
Determining Tax Incidence on a Demand and Supply Graph
Does It Make a Difference Whether the Government Collects a Tax from Buyers or Sellers?
Conclusion
Chapter Summary and Problems
Key Terms
4.1 Consumer Surplus and Producer Surplus
Summary
Review Questions
Problems and Applications
4.2 The Efficiency of Competitive Markets
Summary
Review Questions
Problems and Applications
4.3 Government Intervention in the Market: Price Floors and Price Ceilings
Summary
Review Questions
Problems and Applications
4.4 The Economic Effect of Taxes
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Appendix Quantitative Demand and Supply Analysis
Demand and Supply Equations
Calculating Consumer Surplus and Producer Surplus
4A Quantitative Demand and Supply Analysis
Review Questions
Problems and Applications
Part 2 Markets in Action: Policy and Applications
5 Externalities, Environmental Policy, and Public Goods
Chapter Outline & Learning Objectives
5.1 Externalities and Economic Efficiency
The Effect of Externalities
How a Negative Externality in Production Reduces Economic Efficiency
How a Positive Externality in Consumption Reduces Economic Efficiency
Externalities and Market Failure
What Causes Externalities?
5.2 Private Solutions to Externalities: The Coase Theorem
The Economically Efficient Level of Pollution Reduction
The Basis for Private Solutions to Externalities
Do Property Rights Matter?
The Problem of Transactions Costs
The Coase Theorem
5.3 Government Policies to Deal with Externalities
Imposing a Tax When There Is a Negative Externality
Providing a Subsidy When There Is a Positive Externality
Command-and-Control versus Market-Based Approaches
The End of the Sulfur Dioxide Cap-and-Trade System
Are Tradable Emission Allowances Licenses to Pollute?
5.4 Four Categories of Goods
The Demand for a Public Good
The Optimal Quantity of a Public Good
Common Resources
The Tragedy of the Commons
Is There a Way out of the Tragedy of the Commons?
Conclusion
Chapter Summary and Problems
Key Terms
5.1 Externalities and Economic Efficiency
Summary
Review Questions
Problems and Applications
5.2 Private Solutions to Externalities: The Coase Theorem
Summary
Review Questions
Problems and Applications
5.3 Government Policies to Deal with Externalities
Summary
Review Questions
Problems and Applications
5.4 Four Categories of Goods
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
6 Elasticity: The Responsiveness of Demand and Supply
Chapter Outline & Learning Objectives
6.1 The Price Elasticity of Demand and Its Measurement
Measuring the Price Elasticity of Demand
Elastic Demand and Inelastic Demand
An Example of Calculating Price Elasticities
The Midpoint Formula
When Demand Curves Intersect, the Flatter Curve Is More Elastic
Polar Cases of Perfectly Elastic and Perfectly Inelastic Demand
6.2 The Determinants of the Price Elasticity of Demand
Availability of Close Substitutes
Passage of Time
Luxuries versus Necessities
Definition of the Market
Share of a Good in a Consumer’s Budget
Some Estimated Price Elasticities of Demand
6.3 The Relationship between Price Elasticity of Demand and Total Revenue
Elasticity and Revenue with a Linear Demand Curve
6.4 Other Demand Elasticities
Cross-Price Elasticity of Demand
Income Elasticity of Demand
6.5 Using Elasticity to Analyze the Disappearing Family Farm
6.6 The Price Elasticity of Supply and Its Measurement
Measuring the Price Elasticity of Supply
Determinants of the Price Elasticity of Supply
Polar Cases of Perfectly Elastic and Perfectly Inelastic Supply
Using Price Elasticity of Supply to Predict Changes in Price
Conclusion
Chapter Summary and Problems
Key Terms
6.1 The Price Elasticity of Demand and Its Measurement
Summary
Review Questions
Problems and Applications
6.2 The Determinants of the Price Elasticity of Demand
Summary
Review Questions
Problems and Applications
6.3 The Relationship between Price Elasticity of Demand and Total Revenue
Summary
Review Questions
Problems and Applications
6.4 Other Demand Elasticities
Summary
Review Questions
Problems and Applications
6.5 Using Elasticity to Analyze the Disappearing Family Farm
Summary
Review Questions
Problems and Applications
6.6 The Price Elasticity of Supply and Its Measurement
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
7 The Economics of Health Care
Chapter Outline & Learning Objectives
7.1 The Improving Health of People in the United States
Changes over Time in U.S. Health
Reasons for Long-Run Improvements in U.S. Health
7.2 Health Care around the World
The U.S. Health Care System
The Health Care Systems of Canada, Japan, and the United Kingdom
Canada
Japan
The United Kingdom
Comparing Health Care Outcomes around the World
How Useful Are Cross-Country Comparisons of Health Outcomes?
7.3 Information Problems and Externalities in the Market for Health Care
Adverse Selection and the Market for “Lemons”
Asymmetric Information in the Market for Health Insurance
Adverse Selection in the Market for Health Insurance
Moral Hazard in the Market for Health Insurance
How Insurance Companies Deal with Adverse Selection and Moral Hazard
Externalities in the Market for Health Care
Should the Government Run the Health Care System?
Is Health Care a Public Good?
Do Externalities in Health Care Justify More Government Intervention?
Do Information Problems with Health Care Justify More Government Intervention?
Or Should There Be Greater Reliance on Market-Based Policies?
7.4 The Debate over Health Care Policy in the United States
The Rising Cost of Health Care
Explaining Increases in Health Care Spending
Factors That Do Not Explain Sustained Increases in Health Care Spending
“Cost Disease” in the Health Care Sector
The Aging of the Population and Advances in Medical Technology
Distorted Economic Incentives
The Continuing Debate over Health Care Policy
The Patient Protection and Affordable Care Act
The Debate over the ACA
Conclusion
Chapter Summary and Problems
Key Terms
7.1 The Improving Health of People in the United States
Summary
Review Questions
Problems and Applications
7.2 Health Care around the World
Summary
Review Questions
Problems and Applications
7.3 Information Problems and Externalities in the Market for Health Care
Summary
Review Questions
Problems and Applications
7.4 The Debate over Health Care Policy in the United States
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Part 3 Firms in the Domestic and International Economies
8 Firms, the Stock Market, and Corporate Governance
Chapter Outline & Learning Objectives
8.1 Types of Firms
Who Is Liable? Limited and Unlimited Liability
Corporations Earn the Majority of Revenue and Profits
The Structure of Corporations and the Principal–Agent Problem
8.2 How Firms Raise Funds
Sources of External Funds
Bonds
Stocks
Stock and Bond Markets Provide Capital—and Information
The Fluctuating Stock Market
8.3 Using Financial Statements to Evaluate a Corporation
The Income Statement
Accounting Profit
Economic Profit
The Balance Sheet
8.4 Recent Issues in Corporate Governance Policy
The Accounting Scandals of the Early 2000s
Corporate Governance and the Financial Crisis of 2007–2009
Government Regulation in Response to the Financial Crisis
Did Principal–Agent Problems Help Cause the 2007–2009 Financial Crisis?
Conclusion
Chapter Summary and Problems
Key Terms
8.1 Types of Firms
Summary
Review Questions
Problems and Applications
8.2 How Firms Raise Funds
Summary
Review Questions
Problems and Applications
8.3 Using Financial Statements to Evaluate a Corporation
Summary
Review Questions
Problems and Applications
8.4 Recent Issues in Corporate Governance Policy
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Appendix Tools to Analyze Firms’ Financial Information
Using Present Value to Make Investment Decisions
Using Present Value to Calculate Bond Prices
Using Present Value to Calculate Stock Prices
A Simple Formula for Calculating Stock Prices
Going Deeper into Financial Statements
Analyzing Income Statements
Analyzing Balance Sheets
Key Terms
Tools to Analyze Firms’ Financial Information
Review Questions
Problems and Applications
9 Comparative Advantage and the Gains from International Trade
Chapter Outline & Learning Objectives
9.1 The United States in the International Economy
The Importance of Trade to the U.S. Economy
U.S. International Trade in a World Context
9.2 Comparative Advantage in International Trade
A Brief Review of Comparative Advantage
Comparative Advantage and Absolute Advantage
9.3 How Countries Gain from International Trade
Increasing Consumption through Trade
Why Don’t We See Complete Specialization?
Does Anyone Lose as a Result of International Trade?
Where Does Comparative Advantage Come From?
9.4 Government Policies That Restrict International Trade
Tariffs
Quotas and Voluntary Export Restraints
Measuring the Economic Effect of the Sugar Quota
The High Cost of Preserving Jobs with Tariffs and Quotas
Gains from Unilateral Elimination of Tariffs and Quotas
Other Barriers to Trade
9.5 The Debate over Trade Policies and Globalization
Why Do Some People Oppose the World Trade Organization?
Anti-globalization
“Old-Fashioned” Protectionism
Dumping
Positive versus Normative Analysis (Once Again)
Conclusion
Chapter Summary and Problems
Key Terms
9.1 The United States in the International Economy
Summary
Review Questions
Problems and Applications
9.2 Comparative Advantage in International Trade
Summary
Review Questions
Problems and Applications
9.3 How Countries Gain from International Trade
Summary
Review Questions
Problems and Applications
9.4 Government Policies That Restrict International Trade
Summary
Review Questions
Problems and Applications
9.5 The Debate over Trade Policies and Globalization
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Part 4 Microeconomic Foundations: Consumers and Firms
10 Consumer Choice and Behavioral Economics
Chapter Outline & Learning Objectives
10.1 Utility and Consumer Decision Making
An Overview of the Economic Model of Consumer Behavior
Utility
The Principle of Diminishing Marginal Utility
The Rule of Equal Marginal Utility per Dollar Spent
What if the Rule of Equal Marginal Utility per Dollar Does Not Hold?
The Income Effect and Substitution Effect of a Price Change
The Income Effect
The Substitution Effect
10.2 Where Demand Curves Come From
10.3 Social Influences on Decision Making
The Effects of Celebrity Endorsements
Network Externalities
There’s Strength in Numbers
Do Switching Costs Cause Inferior Technologies to Survive?
Do Network Externalities Result in Market Failure?
Does Fairness Matter?
A Test of Fairness in the Economic Laboratory: The Ultimatum Game Experiment
Are the Results of Economic Experiments Reliable?
Business Implications of Fairness
10.4 Behavioral Economics: Do People Make Rational Choices?
Pitfalls in Decision Making
Ignoring Nonmonetary Opportunity Costs
Failing to Ignore Sunk Costs
Being Unrealistic about Future Behavior
“Nudges”: Using Behavioral Economics to Guide Behavior
The Behavioral Economics of Shopping
Rules of Thumb
Anchoring
Conclusion
Chapter Summary and Problems
Key Terms
10.1 Utility and Consumer Decision Making
Summary
Review Questions
Problems and Applications
10.2 Where Demand Curves Come From
Summary
Review Questions
Problems and Applications
10.3 Social Influences on Decision Making
Summary
Review Questions
Problems and Applications
10.4 Behavioral Economics: Do People Make Rational Choices?
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Appendix Using Indifference Curves and Budget Lines to Understand Consumer Behavior
Consumer Preferences
Indifference Curves
The Slope of an Indifference Curve
Can Indifference Curves Ever Cross?
The Budget Constraint
Choosing the Optimal Consumption of Pizza and Coke
Deriving the Demand Curve
The Income Effect and the Substitution Effect of a Price Change
How a Change in Income Affects Optimal Consumption
The Slope of the Indifference Curve, the Slope of the Budget Line, and the Rule of Equal Marginal Utility per Dollar Spent
The Rule of Equal Marginal Utility per Dollar Spent Revisited
Key Terms
10.A Using Indifference Curves and Budget Lines to Understand Consumer Behavior
Review Questions
Problems and Applications
11 Technology, Production, and Costs
Chapter Outline & Learning Objectives
11.1 Technology: An Economic Definition
11.2 The Short Run and the Long Run in Economics
The Difference between Fixed Costs and Variable Costs
Implicit Costs versus Explicit Costs
The Production Function
A First Look at the Relationship between Production and Cost
11.3 The Marginal Product of Labor and the Average Product of Labor
The Law of Diminishing Returns
Graphing Production
The Relationship between Marginal Product and Average Product
An Example of Marginal and Average Values: College Grades
11.4 The Relationship between Short-Run Production and Short-Run Cost
Marginal Cost
Why Are the Marginal and Average Cost Curves U Shaped?
11.5 Graphing Cost Curves
11.6 Costs in the Long Run
Economies of Scale
Long-Run Average Cost Curves for Automobile Factories
Conclusion
Chapter Summary and Problems
Key Terms
11.1 Technology: An Economic Definition
Summary
Review Questions
Problems and Applications
11.2 The Short Run and the Long Run in Economics
Summary
Review Questions
Problems and Applications
11.3 The Marginal Product of Labor and the Average Product of Labor
Summary
Review Questions
Problems and Applications
11.4 The Relationship between Short-Run Production and Short-Run Cost
Summary
Review Questions
Problems and Applications
11.5 Graphing Cost Curves
Summary
Review Questions
Problems and Applications
11.6 Costs in the Long Run
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Appendix Using Isoquants and Isocost Lines to Understand Production and Cost
Isoquants
An Isoquant Graph
The Slope of an Isoquant
Isocost Lines
Graphing the Isocost Line
The Slope and Position of the Isocost Line
Choosing the Cost-Minimizing Combination of Capital and Labor
Different Input Price Ratios Lead to Different Input Choices
Another Look at Cost Minimization
The Expansion Path
Key Terms
11A Using Isoquants and Isocost Lines to Understand Production and Cost
Review Questions
Problems and Applications
Part 5 Market Structure and Firm Strategy
12 Firms in Perfectly Competitive Markets
Chapter Outline & Learning Objectives
12.1 Perfectly Competitive Markets
A Perfectly Competitive Firm Cannot Affect the Market Price
The Demand Curve for the Output of a Perfectly Competitive Firm
12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
Revenue for a Firm in a Perfectly Competitive Market
Determining the Profit-Maximizing Level of Output
12.3 Illustrating Profit or Loss on the Cost Curve Graph
Showing Profit on a Graph
Illustrating When a Firm Is Breaking Even or Operating at a Loss
12.4 Deciding Whether to Produce or to Shut Down in the Short Run
The Supply Curve of a Firm in the Short Run
The Market Supply Curve in a Perfectly Competitive Industry
12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long Run
Economic Profit and the Entry or Exit Decision
Economic Profit Leads to Entry of New Firms
Economic Losses Lead to Exit of Firms
Long-Run Equilibrium in a Perfectly Competitive Market
The Long-Run Supply Curve in a Perfectly Competitive Market
Increasing-Cost and Decreasing-Cost Industries
12.6 Perfect Competition and Economic Efficiency
Productive Efficiency
Allocative Efficiency
Conclusion
Chapter Summary and Problems
Key Terms
12.1 Perfectly Competitive Markets
Summary
Review Questions
Problems and Applications
12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
Summary
Review Questions
Problems and Applications
12.3 Illustrating Profit or Loss on the Cost Curve Graph
Summary
Review Questions
Problems and Applications
12.4 Deciding Whether to Produce or to Shut Down in the Short Run
Summary
Review Questions
Problems and Applications
12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long Run
Summary
Review Questions
Problems and Applications
12.6 Perfect Competition and Economic Efficiency
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
13 Monopolistic Competition: The Competitive Model in a More Realistic Setting
Chapter Outline & Learning Objectives
13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
The Demand Curve for a Monopolistically Competitive Firm
Marginal Revenue for a Firm with a Downward-Sloping Demand Curve
13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
13.3 What Happens to Profits in the Long Run?
How Does the Entry of New Firms Affect the Profits of Existing Firms?
Is Zero Economic Profit Inevitable in the Long Run?
13.4 Comparing Monopolistic Competition and Perfect Competition
Excess Capacity under Monopolistic Competition
Is Monopolistic Competition Inefficient?
How Consumers Benefit from Monopolistic Competition
13.5 How Marketing Differentiates Products
Brand Management
Advertising
Defending a Brand Name
13.6 What Makes a Firm Successful?
Conclusion
Chapter Summary and Problems
Key Terms
13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
Summary
Review Questions
Problems and Applications
13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
Summary
Review Questions
Problems and Applications
13.3 What Happens to Profits in the Long Run?
Summary
Review Questions
Problems and Applications
13.4 Comparing Monopolistic Competition and Perfect Competition
Summary
Review Questions
Problems and Applications
13.5 How Marketing Differentiates Products
Summary
Review Questions
Problems and Applications
13.6 What Makes a Firm Successful?
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
14 Oligopoly: Firms in Less Competitive Markets
Chapter Outline & Learning Objectives
14.1 Oligopoly and Barriers to Entry
Barriers to Entry
Economies of Scale
Ownership of a Key Input
Government-Imposed Barriers
14.2 Game Theory and Oligopoly
A Duopoly Game: Price Competition between Two Firms
Firm Behavior and the Prisoner’s Dilemma
Can Firms Escape the Prisoner’s Dilemma?
Cartels: The Case of OPEC
14.3 Sequential Games and Business Strategy
Deterring Entry
Bargaining
14.4 The Five Competitive Forces Model
Competition from Existing Firms
The Threat from Potential Entrants
Competition from Substitute Goods or Services
The Bargaining Power of Buyers
The Bargaining Power of Suppliers
Conclusion
Chapter Summary and Problems
Key Terms
14.1 Oligopoly and Barriers to Entry
Summary
Review Questions
Problems and Applications
14.2 Game Theory and Oligopoly
Summary
Review Questions
Problems and Applications
14.3 Sequential Games and Business Strategy
Summary
Review Questions
Problems and Applications
14.4 The Five Competitive Forces Model
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
15 Monopoly and Antitrust Policy
Chapter Outline & Learning Objectives
15.1 Is Any Firm Ever Really a Monopoly?
15.2 Where Do Monopolies Come From?
Government Action Blocks Entry
Patents, Copyrights, and Trademarks
Public Franchises
Control of a Key Resource
Network Externalities
Natural Monopoly
15.3 How Does a Monopoly Choose Price and Output?
Marginal Revenue Once Again
Profit Maximization for a Monopolist
15.4 Does Monopoly Reduce Economic Efficiency?
Comparing Monopoly and Perfect Competition
Measuring the Efficiency Losses from Monopoly
How Large Are the Efficiency Losses Due to Monopoly?
Market Power and Technological Change
15.5 Government Policy toward Monopoly
Antitrust Laws and Antitrust Enforcement
Mergers: The Trade-off between Market Power and Efficiency
The Department of Justice and FTC Merger Guidelines
Market Definition
Measure of Concentration
Merger Standards
Regulating Natural Monopolies
Conclusion
Chapter Summary and Problems
Key Terms
15.1 Is Any Firm Ever Really a Monopoly?
Summary
Review Questions
Problems and Applications
15.2 Where Do Monopolies Come From?
Summary
Review Questions
Problems and Applications
15.3 How Does a Monopoly Choose Price and Output?
Summary
Review Questions
Problems and Applications
15.4 Does Monopoly Reduce Economic Efficiency?
Summary
Review Questions
Problems and Applications
15.5 Government Policy toward Monopoly
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
16 Pricing Strategy
Chapter Outline & Learning Objectives
16.1 Pricing Strategy, the Law of One Price, and Arbitrage
Arbitrage
Why Don’t All Firms Charge the Same Price?
16.2 Price Discrimination: Charging Different Prices for the Same Product
The Requirements for Successful Price Discrimination
An Example of Price Discrimination
Airlines: The Kings of Price Discrimination
Perfect Price Discrimination
Price Discrimination across Time
Can Price Discrimination Be Illegal?
16.3 Other Pricing Strategies
Odd Pricing: Why Is the Price $2.99 Instead of $3.00?
Why Do McDonald’s and Other Firms Use Cost-Plus Pricing?
How Can Using Two-Part Tariffs Increase a Firm’s Profit?
Conclusion
Chapter Summary and Problems
Key Terms
16.1 Pricing Strategy, the Law of One Price, and Arbitrage
Summary
Review Questions
Problems and Applications
16.2 Price Discrimination: Charging Different Prices for the Same Product
Summary
Review Questions
Problems and Applications
16.3 Other Pricing Strategies
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Part 6 Labor Markets, Public Choice, and the Distribution of Income
17 The Markets for Labor and Other Factors of Production
Chapter Outline & Learning Objectives
17.1 The Demand for Labor
The Marginal Revenue Product of Labor
The Market Demand Curve for Labor
Factors That Shift the Market Demand Curve for Labor
17.2 The Supply of Labor
The Market Supply Curve of Labor
Factors That Shift the Market Supply Curve of Labor
17.3 Equilibrium in the Labor Market
The Effect on Equilibrium Wages of a Shift in Labor Demand
The Effect of Immigration on the U.S. Labor Market
17.4 Explaining Differences in Wages
Compensating Differentials
Discrimination
Differences in Education
Differences in Experience
Differing Preferences for Jobs
The Difficulty of Measuring Discrimination
Does It Pay to Discriminate?
Labor Unions
17.5 Personnel Economics
Should Workers’ Pay Depend on How Much They Work or on How Much They Produce?
Other Considerations in Setting Compensation Systems
17.6 The Markets for Capital and Natural Resources
The Market for Capital
The Market for Natural Resources
Monopsony
The Marginal Productivity Theory of Income Distribution
Conclusion
Chapter Summary and Problems
Key Terms
17.1 The Demand for Labor
Summary
Review Questions
Problems and Applications
17.2 The Supply of Labor
Summary
Review Questions
Problems and Applications
17.3 Equilibrium in the Labor Market
Summary
Review Questions
Problems and Applications
17.4 Explaining Differences in Wages
Summary
Review Questions
Problems and Applications
17.5 Personnel Economics
Summary
Review Questions
Problems and Applications
17.6 The Markets for Capital and Natural Resources
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
18 Public Choice, Taxes, and the Distribution of Income
Chapter Outline & Learning Objectives
18.1 Public Choice
How Do We Know the Public Interest? Models of Voting
The Voting Paradox
The Median Voter Theorem
Government Failure?
Rent Seeking
Logrolling and Rational Ignorance
Regulatory Capture
Is Government Regulation Necessary?
18.2 The Tax System
An Overview of the U.S. Tax System
Progressive and Regressive Taxes
Marginal and Average Income Tax Rates
The Corporate Income Tax
International Comparison of Corporate Income Taxes
Evaluating Taxes
The Goal of Economic Efficiency
The Ability-to-Pay Principle
The Horizontal-Equity Principle
The Benefits-Received Principle
The Goal of Attaining Social Objectives
18.3 Tax Incidence Revisited: The Effect of Price Elasticity
18.4 Income Distribution and Poverty
Measuring the Income Distribution and Measuring Poverty
The Poverty Rate in the United States
Showing the Income Distribution with a Lorenz Curve
Problems in Measuring Poverty and the Distribution of Income
Income Mobility in the United States
The Effect of Taxes and Transfers
Explaining Income Inequality
Differences in Returns to the Factors of Production
The Effects of Technological Change and International Trade
The Effects of Assortative Mating
Luck
Policies to Reduce Income Inequality
Reducing Inequality through Taxes and Transfers
Reducing Inequality through Improvements in Human Capital
Income Distribution and Poverty around the World
Conclusion
Chapter Summary and Problems
Key Terms
18.1 Public Choice
Summary
Review Questions
Problems and Applications
18.2 The Tax System
Summary
Review Questions
Problems and Applications
18.3 Tax Incidence Revisited: The Effect of Price Elasticity
Summary
Review Questions
Problems and Applications
18.4 Income Distribution and Poverty
Summary
Review Questions
Problems and Applications
Critical Thinking Exercises
Glossary
Credits

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