Microeconomics: Explore & Apply

amount average cost budget capital ceteris paribus chapter choices College consumer surplus cost curve countries decrease demand curve earnings economic profit effect efficient quantity elasticity of demand employers equilibrium price example Explain Explore & Apply exports external costs firm firm's demand graph higher imports incentive income increase indifference curve industry input labor market less long-run marginal cost marginal product marginal revenue marginal revenue product marginal utility market equilibrium market power market price maximization monopolistic competition monopoly monopsony occurs oligopoly opportunity cost percent percentage change pollution price discrimination price taker problem production possibilities frontier profit-maximizing purchase pure competition quantity demanded quantity of labor quantity of output quantity supplied QUICKCHECK Self-Test Figure sell shift slope social surplus spending substitutes supply curve total cost total revenue total utility trade units of labor wage rate workers