Understanding Microeconomics

amount average cost behavior buyers and sellers capital cars ceteris paribus chapter commodity competitive firm constraints consumer corporations cost curve cost per unit demand curve diagram diminishing earnings economic problem economic rents economist effect efficiency elastic entrepreneur equal equilibrium price example factors of production fall farm farmer FIGURE force higher hire important income distribution increase individual industry inelastic demand labor land less long-run look mand marginal cost marginal productivity marginal revenue product marginal utility market mechanism market society market system maximizing means ment microeconomics million monopolist monopoly nation nomic oligopolistic oligopoly percent pollution prices rise profit pure competition quantity demanded question rent reservation price result sell shift shoes Smith social sumers supply and demand supply curve Suppose surplus theory tion unit cost variable costs wages wealth workers