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CONTENTSOther Import Barriers, 229Export Subsidies, 229CHECKPOINT 9.3 2309.4The Case Against Protection 231Three Traditional Arguments for Protection, 231Four Newer Arguments for Protection, 233Why Is International Trade Restricted? 234CHECKPOINT 9.4 236CHAPTER SUMMARYSä EYE on the U.S. ECONOMYU.S. Exports and Imports, 215EYE on GLOBALIZATIONWho Wins and Who Loses from Globalization? 219Ö EYE on the PASTThe History of U.S. Tariffs, 223EYE on YOUR LIFEInternational Trade, 235237CHAPTER CHECKPOINT 238PART 4 MARKET FAILURE AND PUBLIC POLICYCHAPTER 1 0Externalities241CHAPTER CHECKLIST 241Externalities in Our Daily Lives 242Negative Production Externalities, 242Positive Production Externalities, 242Negative Consumption Externalities, 243Positive Consumption Externalities, 24310.1 Negative Externalities: Pollution 244Private Costs and Social Costs, 244Production and Pollution: How Much? 246Establish Property Rights, 247Mandate Clean Technology, 249Tax or Cap and Price Pollution, 249CHECKPOINT 10.1 25310.2 Positive Externalities: Education 254Private Benefits and Social Benefits, 254Government Actions in the Face of ExternalBenefits, 256CHECKPOINT 10.2 260CHAPTER SUMMARY 261CHAPTER CHECKPOINT 262EYE on the U.S. ECONOMYU.S. Air Pollution Trends, 251EYE on CLIMATE CHANGEHow Can We Limit Climate Change? 252EYE on the U.S. ECONOMYEducation Quality: Charter Schools and Vouchers,EYE on YOUR LIFEExternalities in Your Life, 259CHAPTER 11Public Goods and CommonResources 265CHAPTER CHECKLIST 26511.1 Classifying Goods and Resources 266Excludable, 266Rival, 266A Fourfold Classification, 266CHECKPOINT 11.1 26811.2 Public Goods and the Free-RiderProblem 269The Free-Rider Problem, 269The Marginal Benefit from a Public Good, 270The Marginal Cost of a Public Good, 270The Efficient Quantity of a Public Good, 272Private Provision: Underproduction, 272Public Provision: Efficient Production, 273Public Provision: Overproduction, 274Why Government Is Large and Growing, 275CHECKPOINT 11.2 27711.3 Common Resources 278Unsustainable Use of a CommonResource, 278Inefficient Use of a Common Resource, 279Using the Commons Efficiently, 282CHECKPOINT 11.3 286CHAPTER SUMMARY 287CHAPTER CHECKPOINT 288EYE on the PASTIs a Lighthouse a Public Good? 268xi

XÜCONTENTSEYE on the U.S. INFRASTRUCTUREShould America Build a High-Speed Rail Network likeEurope's? 276EYE on YOUR LIFEA Student's Free-Rider Problem, 276If EYE on the PASTThe Commons of England's Middle Ages, 278 EYE on the GLOBAL ECONOMYThe North Atlantic Cod Tragedy of the Commons, 280«t EYE on the GLOBAL ECONOMYITQsWork, 285CONTENTSAsymmetrie Information in Insurance, 300Screening in Insurance Markets, 302Separating Equilibrium with Screening, 302CHECKPOINT 12.2 30412.3 Health-Care Markets 305Economic Problems in Health-Care Markets, 305Missing Insurance Market, 306Public-Health Externalities, 306Health-Care Systems in Other Countries, 306A Reform Idea, 309CHECKPOINT 12.3 310CHAPTER SUMMARYCHAPTER 1 2Markets with PrivateInformation 291CHAPTER CHECKLIST 29112.1 The Lemons Problem and its Solution 292A Market for Used Cars with a Lemons Problem, 292A Used-Car Market with Dealers' Warranties, 296CHECKPOINT 12.1 29812.2 Information Problems in InsuranceMarkets 299Insurance Markets, 299311CHAPTER CHECKPOINT 312EYE on the MARKET FOR USED CARSHow Do You Avoid Buying a Lemon? 296m EYE on the U.S. ECONOMYInsurance in the United States, 299m EYE on the U.S. ECONOMYHealth Care in the United States: A Snapshot, 307* EYE on the GLOBAL ECONOMYHealth-Care Expenditures and HealthOutcomes, 308EYE on YOUR LIFESignaling Your Ability, 3091 EYE on the PASTJeremy Bentham, William Stanley Jevons, and the Birthof Utility, 323EYE on Song DownloadsHow Much Would You Pay for a Song? 330EYE on YOUR LIFEDo You Maximize Your Utility? 332CHAPTER 14Ml Production and CostCHAPTER CHECKLIST 34314.1 Economic Cost and Profit 344The Firm's Goal, 344Accounting Cost and Profit, 344Opportunity Cost, 344Economic Profit, 345CHECKPOINT 14.1 347Short Run and Long Run 34814.2 Short-Run Production 349Total Product, 349Marginal Product, 350PART 6PART 5A CLOSER LOOK AT DECISION MAKERSCHAPTER 1 3Consumer Choiceand Demand 315CHAPTER CHECKLIST 31513.1 Consumption Possibilities 316The Budget Line, 316A Change in the Budget, 317Changes in Prices, 318Prices and the Slope of the Budget Line, 319CHECKPOINT 13.1 32113.2 Marginal Utility Theory 322Total Utility, 322Marginal Utility, 322Graphing Tina's Utility Schedules, 324Maximizing Total Utility, 324Finding an Individual Demand Curve, 326CHECKPOINT 13.2 32813.3 Efficiency, Price, and ValueConsumer Efficiency, 329The Paradox of Value, 329CHECKPOINT 13.3 332329CHAPTER SUMMARY 333CHAPTER CHECKPOINT 334Appendix: Indifference Curves 337An Indifference Curve, 337Marginal Rate of Substitution, 338Consumer Equilibrium, 339Deriving the Demand Curve, 340Appendix Checkpoint 342m EYE on the U.S. ECONOMYRelative Prices on the Move, 320343KAverage Product, 352CHECKPOINT 14.2 35414.3 Short-Run Cost 355Total Cost, 355Marginal Cost, 356Average Cost, 357Why the Average Total Cost Curve IsU-Shaped, 359Cost Curves and Product Curves, 360Shifts in the Cost Curves, 360CHECKPOINT 14.3 36214.4 Long-Run Cost 363Plant Size and Cost, 363The Long-Run Average Cost Curve, 364CHECKPOINT 14.4 366CHAPTER SUMMARY 367CHAPTER CHECKPOINT 368EYE on YOUR LIFEYour Average and Marginal Grades, 353EYE on RETAILERS' COSTSWhich Store Has the Lower Costs: Wal-Martor 7-Eleven? 365PRICES, PROFITS, AND I NDUSTRY PERFORMANCECHAPTER 15Perfect CompetitionCHAPTER CHECKLIST 371371Market Types 372Perfect Competition, 372Other Market Types, 37215.1 A Firm's Profit-Maximizing Choices 373Price Taker, 373Revenue Concepts, 373Profit-Maximizing Output, 374Marginal Analysis and the Supply Decision, 376Temporary Shutdown Decision, 377The Firm's Short-Run Supply Curve, 378CHECKPOINT 15.1 38015.2 Output, Price, and Profit in theShort run 381Market Supply in the Short Run, 381Short-Run Equilibrium in Normal Times, 382Short-Run Equilibrium in Good Times, 383Short-Run Equilibrium in Bad Times, 384CHECKPOINT 15.2 38515.3 Output, Price, and Profit in theLong Run 386Entry and Exit, 387The Effects of Exit, 388Change in Demand, 389Technological Change, 389Is Perfect Competition Efficient? 392Is Perfect Competition Fair? 393CHECKPOINT 15.3 394CHAPTER SUMMARY 395CHAPTER CHECKPOINT 396EYE on RECORD STORESWhere Have All the Record Stores Gone? 390EYE on YOUR LIFEThe Perfect Competition that You Encounter, 393XÜi

xivCONTENTSCHAPTER 16MonopolyCompeting on Quality, Price, and Marketing, 432Entry and Exit, 433Identifying Monopolistic Competition, 433CHECKPOINT 17.1 437399CHAPTER CHECKLIST 39917.2 Output and Price Decisions 438The Firm's Profit-Maximizing Decision, 438Profit Maximizing Might Be Loss Minimizing, 439Long Run: Zero Economic Profit, 440Monopolistic Competition and PerfectCompetition, 441Is Monopolistic Competition Efficient? 442CHECKPOINT 17.2 44316.1 Monopoly and How it Arises 400How Monopoly Arises, 400Monopoly Price-Setting Strategies, 402CHECKPOINT 16.1 40316.2 Single-Price Monopoly 404Price and Marginal Revenue, 404Marginal Revenue and Elasticity, 405Output and Price Decision, 406CHECKPOINT 16.2 40816.3 Monopoly and Competition Compared 409Output and Price, 409Is Monopoly Efficient? 410Is Monopoly Fair? 411Rent Seeking, 411CHECKPOINT 16.3 41316.4 Price Discrimination 414Price Discrimination and Consumer Surplus, 414Profiting by Price Discriminating, 415Perfect Price Discrimination, 416Price Discrimination and Efficiency, 418CHECKPOINT 16.4 41916.5 Monopoly Regulation 420Efficient Regulation of a Natural Monopoly, 420Second-Best Regulation of a Natural Monopoly, 421CHECKPOINT 16.5 426CHAPTER CHECKPOINT 428CHAPTER CHECKPOINT 452EYE on the U.S. ECONOMYExamples of Monopolistic Competition, 436EYE on CELL PHONESWhich Cell Phone? 445EYE on YOUR LIFESome Selling Costs You Pay, 448455CHAPTER CHECKLIST 455EYE on the U.S. ECONOMYAirline Price Discrimination, 418EYE on MICROSOFTAre Microsoft's Prices Too High? 423EYE on YOUR LIFEMonopoly in Your Everyday Life, 42418.1 What is Oligopoly? 456Small Number of Firms, 456Barriers to Entry, 456Identifying Oligopoly, 458CHECKPOINT 18.1 459CHAPTER 1 7Monopolistic CompetitionCHAPTER CHECKLIST 431CHAPTER SUMMARY 451CHAPTER 18 OligopolyCHAPTER SUMMARY 427 17.3 Product Development and Marketing 444Product Development, 444Marketing, 445Using Advertising to Signal Quality, 448Brand Names, 449Efficiency of Advertising and Brand Names, 449CHECKPOINT 17.3 45043117.1 What is Monopolistic Competition? 432Large Number of Firms, 432Product Differentiation, 43218.2 The Oligopolists' Dilemma 460Monopoly Outcome, 460Perfect Competition Outcome, 461Other Possible Cartel Breakdowns, 461The Oligopoly Cartel Dilemma, 462CHECKPOINT 18.2 46418.3 Game Theory 465What Is a Game? 465The Prisoners' Dilemma, 465

CONTENTSThe Duopolists' Dilemma, 467The Payoff Matrix, 467Advertising and Research Games inOligopoly, 468Repeated Games, 470Is Oligopoly Efficient? 471CHECKPOINT 18.3 472CHAPTER SUMMARY 479CHAPTER CHECKPOINT 480m EYE on the U.S. ECONOMYExamples of Oligopoly, 458S EYE on the GLOBAL ECONOMYThe OPEC Global Oil Cartel, 463EYE on YOUR LIFEA Game You Might Play, 470EYE on the CELL-PHONE OLIGOPOLYIs Two Too Few? 471t» EYE on the U.S. ECONOMYNo Cell-Phone Service Merger, 47718.4 Antitrust Law 473The Antitrust Laws, 473Three Antitrust Policy Debates, 473Recent Antitrust Showcase: The United States VersusMicrosoft, 475Merger Rules, 476CHECKPOINT 18.4 478PART 7INCOMES AND INEQUALITYCHAPTER 19Markets for Factorsof Production 483CHAPTER CHECKLIST 483The Anatomy of Factor Markets 48419.1 The Demand for a Factor of Production 485Value of Marginal Product, 485A Firm's Demand for Labor, 486A Firm's Demand for Labor Curve, 487Changes in the Demand for Labor, 488CHECKPOINT 19.1 48919.2 Labor Markets 490The Supply of Labor, 490Influences on the Supply of Labor, 491Competitive Labor Market Equilibrium, 492Labor Unions, 494CHECKPOINT 19.2 49619.3 Capital and Natural Resource Markets 497Capital Markets, 497Land Markets, 498Nonrenewable Natural Resource Markets, 499CHECKPOINT 19.3 502CHAPTER SUMMARY 503CHAPTER CHECKPOINT 504EYE on the COACHWhy Is a Coach Worth 5.5 Million? 493EYE on YOUR LIFEJob Choice and Income Prospects, 499ii EYE on the GLOBAL ECONOMYOil and Metal Prices, 501CHAPTER 20Economic InequalityCHAPTER CHECKLIST 50750720.1 Measuring Economic Inequality 508Lorenz Curves, 509Inequality over Time, 510Economic Mobility, 510Poverty, 513CHECKPOINT 20.1 51520.2 How Economic Inequality Arises 516Human Capital, 516Discrimination, 519Financial and Physical Capital, 520Entrepreneurial Ability, 520Personal and Family Characteristics, 520CHECKPOINT 20.2 52120.3 Income Redistribution 522How Governments Redistribute Income, 522The Scale of Income Redistribution, 523Why We Redistribute Income, 525The Major Weifare Challenge, 526CHECKPOINT 20.3 528XV

xviCONTENTSCHAPTER SUMMARY 529CHAPTER CHECKPOINT 5301 EYE on the GLOBAL ECONOMYGlobal Inequality, 511EYE on INEQUALITYWho Are the Rieh and the Poor? 512PART 8EYE on the U.S. ECONOMYDoes Education Pay? 518EYE on the U.S. ECONOMYSex and Race Earnings Differences, 519EYE on YOUR LIFEWhat You Pay and Ca in Through Redistribution, 527MONITORING THE MACROECONOMYCHAPTER 21GDP: A Measure of TotalProduction and Income 533CHARTER CHECKLIST 53321.1 GDP, Income, and Expenditure 534GDP Defined, 534Circular Flows in the U.S. Economy, 535Expenditure Equals Income, 536CHECKPOINT 21.1 53821.2 Measuring U.S. GDP 539The Expenditure Approach, 539The Income Approach, 541GDP and Related Measures of Productionand Income, 543Real GDP and Nominal GDP, 544Calculating Real GDP, 544Using the Real GDP Numbers, 545CHECKPOINT 21.2 54621.3 The Uses and Limitations of Real GDP 547The Standard of Living Over Time, 547Tracking the Course of the Business Cycle, 548The Standard of Living Among Countries, 550Goods and Services Omitted from GDP, 551Other Influences on the Standard of Living, 552CHECKPOINT 21.3 554CHAPTER SUMMARY 555CHAPTER CHECKPOINT 556Appendix: Measuring Real GDP 559The Problem With Base-Year Prices, 559Value Production in the Prices of Adjacent Years, 559APPENDIX CHECKPOINT 562EYE on the U.S. ECONOMYIs a Computer Program an Intermediate Good or aFinal Good? 540EYE on the BOOMS AND BUSTSHow Do We Track the Booms and Busts of ourEconomy? 550EYE on YOUR LIFEMaking GDP Personal, 552% EYE on the GLOBAL ECONOMYWhich Country Has the Highest Standard ofLiving? 553CHAPTER 22jobs and UnemploymentCHARTER CHECKLIST 56356322.1 Labor Market Indicators 564Current Population Survey, 564Population Survey Criteria, 564Two Main Labor Market Indicators, 565Alternative Measures of Unemployment, 566CHECKPOINT 22.1 56822.2 Labor Market Trends and Fluctuations 569Unemployment Rate, 569The Participation Rate, 570Alternative Measures of Unemployment, 572A Closer Look at Part-Time Employment, 573CHECKPOINT 22.2 57422.3 Unemployment and Füll Employment 575Frictional Unemployment, 575Structural Unemployment, 575Cyclical Unemployment, 576"Natural" Unemployment, 576Unemployment and Real GDP, 577CHECKPOINT 22.3 580CHAPTER SUMMARY 581CHAPTER CHECKPOINT 582

CONTENTS1 EYE on the U.S. ECONOMYThe Current Population Survey, 567m EYE on the GLOBAL ECONOMYUnemployment Around the World, 570H EYE on the GLOBAL ECONOMYWomen in the Labor Force, 571EYE on the UNEMPLOYEDHow Long Does it Take to Find a Job? 576EYE on YOUR LIFEYour Labor Market Status and Activity, 578CHAPTER 23The CPI and the Costof Living 585CHAPTER CHECKLIST 58523.1 The Consumer Price Index 586Reading the CPI Nürnberg, 586Constructing the CPI, 586The CPI Market Basket, 586The Monthly Price Survey, 587Calculating the CPI, 588Measuring Inflation and Deflation, 589CHECKPOINT 23.1 59123.2 The CPI and Other Price LevelMeasures 592Sources of Bias in the CPI, 592PART 9 XVÜThe Magnitude of the Bias, 593Two Consequences of the CPI Bias, 594Alternative Measures of the Price Level and InflationRate, 595CHECKPOINT 23.2 59723.3 Nominal and Real Values 598Dollars and Cents at Different Dates, 598Nominal and Real Values in Macroeconomics, 599Nominal GDP and Real GDP, 599Nominal Wage Rate and Real Wage Rate, 600Nominal Interest Rate and Real Interest Rate, 602CHECKPOINT 23.3 604CHAPTER SUMMARY 605CHAPTER CHECKPOINT 606EYE on the PAST700 Years of Inflation and Deflation, 590EYE on the U.S. ECONOMYDeflating the GDP Balloon, 599EYE on the PASTThe Nominal and Real Wage Rates of Presidents of theUnited States, 601S§ EYE on BOX OFFICE HITSWhich Movie Really Was the Biggest BoxOffice Hit? 602EYE on YOUR LIFEA Student's CPI, 603THE REAL ECONOMY1 CHAPTER 24I Potential GDP and the NaturalUnemployment Rate 609CHAPTER CHECKLIST 609Macroeconomic Approachesand Pathways 610The Three Main Schools of Thought, 610Today's Consensus, 611The Road Ahead, 61224.1 Potential GDP 613The Production Function, 614The Labor Market, 615CHECKPOINT 24.1 62124.2 The Natural Unemployment Rate 622Job Search, 623Job Rationing, 624CHECKPOINT 24.2 628CHAPTER SUMMARY 629CHAPTER CHECKPOINT 630EYE on the U.S. ECONOMYThe Lucas Wedge and the Okun Gap, 612m EYE on the GLOBAL ECONOMYPotential GDP in the United States and EuropeanUnion, 613EYE on U.S. POTENTIAL GDPWhy Do Americans Earn More and Produce More ThanEuropeans? 620

xviiiCONTENTSEYE on the PASTAverage Unemployment Rates over Six Decades, 622EYE on the U.S. ECONOMYU.S. Labor Productivity Growth Since 1960, 644P. EYE on the GLOBAL ECONOMYUnemployment Benefits and the NaturalUnemployment Rate, 624EYE on the U.S. ECONOMYThe Federal Minimum Wage, 627EYE on YOUR LIFENatural Unemployment, 627EYE on YOUR LIFEHow You Influence and Are Influenced by EconomicGrowth, 648EYE on RICH AND POOR NATIONSWhy Are Some Nations Rieh and Others Poor? 653«CHAPTER 25Economic GrowthCHAPTER CHECKLIST 633H CHAPTER 26## Finance, Saving, and63325.1 The Basics of Economic Growth 634Calculating Growth Rates, 634The Magic of Sustained Growth, 635CHECKPOINT 25.1 63725.2 Labor Productivity Growth 638Labor Productivity, 638Saving and Investment in Physical Capital, 638Expansion of Human Capital and Discovery ofNew Technologies, 640Combined Influences Bring Labor ProductivityGrowth, 642CHECKPOINT 25.2 64525.3 Economic Growth Theories: Oldand New 646Old Growth Theory, 646New Growth Theory, 646CHECKPOINT 25.3 64925.4 Achieving Faster Growth 650Preconditions for Economic Growth, 650Policies to Achieve Faster Growth, 651How Much Difference Can Policy Make? 652CHECKPOINT 25.4 654CHAPTER SUMMARY 655CHAPTER CHECKPOINT 656EYE on the PASTHow Fast Has Real GDP per Person Grown? 636Investment 659CHAPTER CHECKLIST 65926.1 Financial Institutions and Markets 660Some Finance Definitions, 660Markets for Financial Capital, 661Financial Institutions, 663Insolvency and Illiquidity, 664Interest Rates and Asset Prices, 664CHECKPOINT 26.1 66526.2 The Loanable Funds Market 666Flows in the Loanable Funds Market, 666The Demand for Loanable Funds, 666The Supply of Loanable Funds, 669Equilibrium in the Loanable Funds Market, 672Changes in Demand and Supply, 673CHECKPOINT 26.2 67526.3 Government in Loanable FundsMarket 676A Government Budget Surplus, 676A Government Budget Deficit, 677CHECKPOINT 26.3 680CHAPTER SUMMARY 681CHAPTER CHECKPOINT 682EYE on the U.S. ECONOMYThe Loanable Funds Market in a Financial Crisis, 674EYE on YOUR LIFEYour Participation in the Loanable Funds Market, 678EYE on FINANCIAL MARKETSWhy Have Interest Rates Been So Low? 679

CONTENTSPART 10THE MONEY ECONOMYCHAPTER 27 The Monetary SystemCHAPTER CHECKLIST 68568527.1 What is Money? 686Definition of Money, 686The Functions of Money, 686Money Today, 688Official Measures of Money: Ml and M2, 688Checks, Credit Cards, Debit Cards, and E-Checks, 689An Embryonic New Money: E-Cash, 690CHECKPOINT 27.1 69127.2 The Banking System 692Commercial Banks, 692Thrift Institutions, 695Money Market Funds, 695CHECKPOINT 27.2 69627.3 The Federal Reserve System 697The Structure of the Federal Reserve, 697The Fed's Policy Tools, 698How the Fed's Policy Tools Work, 699CHECKPOINT 27.3 70027.4 Regulating the Quantity of Money 701Creating Deposits by Making Loans, 701How Open Market Operations Change theMonetary Base, 703The Multiplier Effect of an Open MarketOperation, 706The Money Multiplier, 707CHECKPOINT 27.4 710CHAPTER SUMMARY 711CHAPTER CHECKPOINT 712EYE on the PASTThe "Invention" of Banking, 693EYE on the U.S. ECONOMYCommercial Banks Under Stress in the FinancialCrisis, 695EYE on YOUR LIFEMoney and Your Role in Its Creation, 701EYE on CREATING MONEYHow Does the Fed Create Money and Regulate ItsQuantity? 708CHAPTER 28Money, Interest, andInflation 715CHAPTER CHECKLIST 715Where We are and Where We'reHeading 716The Real Economy, 716The Money Economy, 716Real and Money Interactions and Policy, 71628.1 Money and the Interest Rate 717The Demand for Money, 717Changes in the Demand for Money, 719The Supply of Money, 720The Nominal Interest Rate, 720Changing the Interest Rate, 722CHECKPOINT 28.1 72428.2 Money, The Price Level, and Inflation 725The Money Market in the Long Run, 725A Change in the Quantity of Money, 727The Price Level in a Baby-Sitting Club, 728The Quantity Theory of Money, 728Inflation and the Quantity Theory of Money 730Hyperinflation, 732CHECKPOINT 28.2 73428.3 The Cost of Inflation 735Tax Costs, 735Shoe-Leather Costs, 736Confusion Costs, 736Uncertainty Costs, 737How Big Is the Cost of Inflation? 737CHECKPOINT 28.3 738CHAPTER SUMMARY 739CHAPTER CHECKPOINT 740EYE on the U.S. ECONOMYCredit Cards and Money, 722EYE on YOUR LIFEMoney Holding and Fed Watching, 723EYE on the PASTHyperinflation in Germany in the 1920s, 732EYE on INFLATIONWhat Causes Inflation? 733xix

XXCONTENTSPART 1 1ECONOMIC FLUCTUATIONSCHAPTER 29Aggregate Supply and AggregateDemand 743CHAPTER CHECKLIST 74329.1 Aggregate Supply 744Aggregate Supply Basics, 744Changes in Aggregate Supply, 747CHECKPOINT 29.1 74929.2 Aggregate Demand 750Aggregate Demand Basics, 750Changes in Aggregate Demand, 752The Aggregate Demand Multiplier, 754CHECKPOINT 29.2 75529.3 Explai

ECONOMICS Brief Contents PARTI PART 2 PART 3 PART 4 PART 5 PART 6 PART 7 INTRODUCTION 1 Getting Started, 1 2 The U.S. and Global Economies, 3 The Economic Problem, 57 4 Demand and Supply, 81 31 A CLOSER LOOK AT MARKETS 5 Elasticities of Demand and Supply, III 6 Efficiency and Fairness of Markets, 137File Size: 683KB