Microeconomics: Explore & Apply, Activebook

active concept check active graphs activebook average cost average variable cost capital ceteris paribus change in quantity Chapter Wrap-Up choices consumer surplus cost curve countries deadweight loss decrease demand curve drug earnings elasticity of demand equilibrium price example Explore & Apply exports firm firm's demand hands-on understanding income increase industry inelastic input marginal cost marginal product marginal revenue marginal revenue product marginal utility market equilibrium market power market price market supply maximization monopolist monopolistic competition monopoly normal profit oligopoly opportunity cost percentage change pollution price discrimination producer surplus production possibilities frontier profit-maximizing purchase pure competition quantity demanded quantity of output quantity Quantity quantity supplied rise sellers short run shown in Figure slope social surplus supply curve Table test your knowledge total cost total fixed cost total revenue total utility total variable cost trade units of labor wage rate workers