Includes bibliographical references and index.

HOUSEHOLD DECISION-MAKING. Consumer Theory and Demand. Price Changes and Consumer Welfare. Labour Supply. Savings and Asset Accumulation. Risk, Uncertainty and Insurance. Risk, Uncertainty and Household Assets. THE FIRM AND MARKET STRUCTURES. The Neo-Classical Theory of the Firm. Alternative Theories of the Firm. Competition. Monopoly and Market Power. Models of Oligopoly. Competition and Regulation Policy. ANALYSIS OF FACTOR MARKETS. Factor Markets. The Labour Market. Capital Markets and Investment by Firms. GENERAL EQUILIBRIUM AND SOCIAL WELFARE. General Equilibrium Analysis. Externalities and the Environment. The Distribution of Income. Appendix. Index. Acknowledgements.

Summary: Microeconomics is the branch of economics concerned with particular commodities - firms or individuals - and the economic relations between them. This text provides a treatment of selected applications of core economic theory and helps the reader understand the pros and cons of neoclassical theory.