Principles of Microeconomics

2010 Jupiterimages Corporation additional unit ANSWER TO TRY antitrust average total cost axis capital choices coffee comparative advantage competitive market computers consumers consumption countries demand and supply demand curve earn economic profit economists efficient elasticity of demand emissions equals equilibrium price example Explain factors of production Figure firm's graph higher horizontal income effect increase indifference curve industry interest rate KEY TAKEAWAYS long-run marginal benefit marginal cost curve marginal decision rule marginal product marginal returns marginal revenue marginal revenue product marginal utility market price maximize monopolistic competition monopoly firm monopsony opportunity cost output Panel payment perfectly competitive period pollution pounds poverty present value price elasticity problem product curve production possibilities curve programs quantity demanded quantity of labor quantity supplied reduce relationship revenue curve rises sellers shift short run shows skis slope snowboards spending supply curve Suppose total revenue trade Union workers zero