Chapter 31: Income Distribution and PovertyChapter Objectives How unequal is income distribution in the United States? What determines how income is distributed? How does the distribution of income differ from the distribution of wealth? How is poverty defined?
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Chapter 30: Rent, Interest, and ProfitChapter Objectives What is land? Economic rent Are prices high because rents are high, or are rents high because prices are high? What is capital? How is the interest rate determined? The net productivity of capital The capitalization of assets The present value of future income How are profits determined? Theories of profit
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Chapter 29: Labor Markets and Wage RatesChapter Objectives The supply of labor The demand for labor High wage rates and economic rent Real wages and productivity The minimum wage dispute
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Chapter 28: Labor UnionsChapter Objectives A short history of the labor movement Labor legislation The economic power of unions and employers The economic power of monopsonies Collective bargaining The strike
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Chapter 27: Demand in the Factor MarketChapter Objectives Derived demand Productivity Marginal revenue product Changes in resource demand The substitution and output effects Optimum resource mix for the firm
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Chapter 26: Corporate Mergers and AntitrustChapter Objectives The explanation of antitrust Major antitrust laws Modern antitrust Types of mergers The effectiveness of antitrust The trend toward bigness The Microsoft case
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Chapter 25: OligopolyChapter Objectives Concentration Ratios The Herfindahl-Hirschman index The competitive spectrum The kinked demand curve Administered prices
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Chapter 24: Monopolistic CompetitionChapter Objectives The monopolistic competitor in the short and long runs Product differentiation The characteristics of monopolistic competition Price discrimination
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Chapter 23: MonopolyChapter Objectives The graph of the monopolist How monopolist’s profits are calculated The monopolist in the short run and long run Barriers to entry Limits to monopoly power Economies of scale and natural monopoly What makes bigness bad?
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Chapter 22: Perfect CompetitionChapter Objectives The characteristics of perfect competition The perfect competitor’s demand curve The short run and and the long run Economic and accounting profits Decreasing, constant, and increasing cost industries
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