Includes bibliographical references and index.

PART I. THE BASICS OF ECONOMIC ANALYSIS. 1. Introduction. 2. Production Possibilities and Opportunity Costs. 3. Demand and Supply. PART II. INTRODUCTION TO MICROECONOMICS. 4. Elasticity. 5. Marginal Utility and Consumer Choice. 6. Price Ceilings and Price Floors. 7. Business Ownership and Organization: Proprietorships, Partnerships, and Corporations. PART III. THE MICROECONOMICS OF PRODUCT MARKETS. 8. Costs of Production. 9. Maximizing Profit. 10. Identifying Markets and Market Structures. 11. Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition. 12. Price and Output Determination Under Oligopoly. 13. Antitrust and Regulation. 14. Externalities, Market Failure, and Public Choice. PART IV. THE MICROECONOMICS OF FACTOR MARKETS. 15. Wage Rates in Competitive Labor Markets. 16. Wages and Employment: Monopsony and Labor Unions. 17. Interest, Rent, and Profit. 18. Income Distribution and Poverty. PART V. THE WORLD ECONOMY. 19. International Trade. 20. Exchange Rates, Balance of Payments, and International Debt. 21. Economic Problems of Less-Developed Economics.

This text conveys the principles of microeconomics in a conversational style through a series of extended examples that students should relate and respond to. Students are discouraged from simply memorizing facts and are engaged in active learning. The book maintains a focus on presenting basic concepts in depth and developing the analysis step-by-step, rather than covering hundreds of topics superficially.