Chapter 21: Thinking Like a Modern EconomistChapter Goals Differentiate traditional economic building blocks from behavioral economic building blocks Explain what heuristic models are and how traditional and behavioral heuristic economic models differ Distinguish an empirical model from a formal model and list some formal models used by modern economists Discuss how modern economics and ...
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Chapter 20: Game Theory, Strategic Decision Making, and Behavioral EconomicsChapter Goals Explain what game theory is and give an example of a game and a solution to a game Explain strategic reasoning and backward induction used in solving games Distinguish how informal game theory differs from formal game theory Describe how the results of game theory experiments challenge some standard economic assumptions
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Chapter 19: The Logic of Individual Choice: The Foundation of Supply and DemandChapter Goals Discuss the principle of diminishing marginal utility and the principle of rational choice Explain the relationship between marginal utility and price when a consumer is maximizing total utility Summarize how the principle of rational choice accounts for the laws of demand and supply Name three assumptions of the theory of choice ...
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Chapter 18: Who Gets Whats? The Distribution of IncomeChapter Goals Explain how income, wealth, and poverty are measured, and how their real-world measures changed over time Summarize the socioeconomic tensions that high income and wealth inequalities can cause Explain why there are so many philosophical debates about equality and fairness, and summarize some of them Discuss the practical and theo...
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Chapter 17: Work and the Labor MarketChapter Goals Explain how the supply of labor is determined Explain how the demand for labor is determined Explain how wages are determined by both the supply and demand for labor in combination with social forces Contrast four types of discrimination that occur in labor markets Summarize the evolving labor laws and the implications of the lab...
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Chapter 16: Real-World Competition and TechnologyChapter Goals Define the monitoring problem and state its implications for economics Discuss why competition should be seen as a process, not a state Summarize how firms protect monopoly Explain why oligopoly is the best market structure for technological change
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Chapter 15: Oligopoly and Antitrust PolicyChapter Goals Explain the distinguishing characteristics of oligopoly Distinguish two models of oligopoly Describe two empirical methods of measuring market structure Explain what antitrust policy is and give a brief history of it
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Chapter 14: Monopoly and Monopolistic CompetitionChapter Goals Summarize how and why the decisions facing a monopolist differ from the collective decisions of competing firms Determine a monopolist’s price, output, and profit graphically and numerically Show graphically the welfare loss from monopoly Explain why there would be no monopoly without barriers to entry Explain how monopolistic co...
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Chapter 13: Perfect Competition (2)Chapter Goals Explain how perfect competition serves as a reference point Explain why producing an output at which marginal cost equals price maximizes total profit for a perfect competitor Determine the output and profit of a perfect competitor graphically and numerically Explain the adjustment process from short-run equilibrium to long-run eq...
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Chapter 12: Production and CostAnalysis IIChapter Goals Distinguish technical efficiency from economic efficiency Explain how economies and diseconomies of scale influence the shape of long-run cost curves Explain the role of the entrepreneur in translating cost of production to supply Discuss some of the problems of using cost analysis in the real world
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