Introduction to Economics
People Are Rational
People Respond to Incentives
Scarcity and Choice
Positive and Normative Analysis
Marginal Analysis
Factors of Production
Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
Competitive Markets
The Demand Curve
Shifts in the Demand Curve
Movement Along a Demand Curve
The Supply Curve
Shifts in the Supply Curve
Movement Along a Supply Curve
Market Equilibrium
Using the Supply and Demand Curves to Find Equilibrium
Price Elasticity of Demand on a Graph
Determinants of Price Elasticity of Demand
Revenue, Cost, and Profit
The Production Function and Diminishing Returns
The Relationship Between Average Cost and Marginal Cost
Graphing Costs
Average Total Cost: Short Run and Long Run
Introduction to the Four Market Models
Characteristics of Perfect Competition
Revenue in Perfect Competition
Perfect Competition Profit on the Graph
Short Run Shutdown Decision
Long Run Entry and Exit Decision
Individual Supply Curve in the Short Run and Long Run
Market Supply Curve in the Short Run and Long Run
Long Run Equilibrium
Perfect Competition and Efficiency
Characteristics of Monopoly
Monopoly Revenue
Monopoly Profit on the Graph
Monopoly Efficiency and Deadweight Loss
Price Discrimination
Antitrust Laws and Government Regulation of Monopolies
Four Market Model Summary: Monopoly
Characteristics of Monopolistic Competition
Revenue in Monopolistic Competition
Monopolistic Competition Profit on the Graph
Monopolistic Competition in the Long Run
Efficiency in Monopolistic Competition
Four Market Model Summary: Monopolistic Competition
Characteristics of Oligopoly
One-Time Games and the Prisoner's Dilemma
Game Theory and Oligopoly Profit
Repeated Games
Kinked-Demand Theory
Four Market Model Summary: Oligopoly
Externalities: Social Benefits and Social Costs
Public Solutions to Externalities
Private Solutions to Externalities: The Coase Theorem
Price Ceilings, Price Floors, and Black Markets
Asymmetric Information: Adverse Selection and Moral Hazard
Solutions to Informational Problems
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