Activebook Version 1.0 Principles of Microeconomics

Written by two highly respected economists and educators, this book uses the Stories, Graphs, and Equations approach to make economic concepts accessible and relevant to readers with various learning styles. The online, digital book uses multimedia resources to greatly enhance the learning experience, and is known for its unified and logical structure, lively writing style, and clear explanations. Chapter topics include the scope and method of economics; the economic problem: scarcity and choice; demand, supply, and market equilibrium; the price system, demand and supply, and elasticity; household behavior and consumer choice; the production process: the behavior of profit maximizing firms; short-run costs and output decisions; costs and output decisions in the long run; input demand: the labor and land markets and the capital market and the investment decision; monopoly and antitrust policy; monopolistic competition and oligopoly; income distribution and poverty; international trade, comparative advantage, and protectionism; and economic growth in developing and transitional economies. For individuals seeking a better understanding of microeconomics.