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ISBN: 9780073222967 | 0073222968
Cover: Paperback
Copyright: 7/8/2005

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Written in an informal colloquial style, this student-friendly Principles of Microeconomics textbook does not sacrifice intellectual depth in its quest for accessibility. The author's primary concern is to instill "economic sensibility" in the student. Colander emphasizes the intellectual and historical context to which the economic models are applied. This new edition offers improvements to this established and respected text including special Questions from Alternate Perspectives end-of-chapter questions that facilitate class discussion of differing school of thought in the discipline, and access to over 250 minutes of new videos from Paul Solman of the Lehrer NewsHour.

PART I Introduction: Thinking Like An Economist

Economics and Economic Reasoning

(19)

What Economics Is

(1)

A Guide to Economic Reasoning

(6)

Marginal Costs and Marginal Benefits

(1)

Economics and Passion

(1)

Opportunity Cost

(1)

Economic and Market Forces

(2)

Economic Terminology

(1)

Economic Insights

(3)

The Invisible Hand Theory

(1)

Economic Theory and Stories

(1)

Microeconomics and Macroeconomics

(1)

Economic Institutions

(1)

Economic Policy Options

(2)

Objective Policy Analysis

(1)

Policy and Social and Political Forces

(1)

Conclusion

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Trade, Trade-Offs, and Government Policy

(35)

The Production Possibilities Model

(8)

A Production Possibility Curve for an Individual

(2)

A Production Possibility Curve for a Society

(2)

Increasing Marginal Opportunity Cost

(1)

Efficiency

(1)

Distribution and Productive Efficiency

(1)

Examples of Shifts in the PPC

(1)

Trade and Comparative Advantage

(8)

Markets, Specialization, and Growth

(1)

The Benefits of Trade

(2)

Comparative Advantage and the Combined PPC

(1)

U.S. Textile Production and Trade

(1)

Outsourcing, Trade, and Comparative Advantage

(4)

Regulating Trade: Institutions, Government, and Trade

(5)

Roles of Government in a Market

(3)

Market Failures and Government Failures

(1)

Regulating Markets Internationally

(2)

The Production Possibilities Model and Government Policy

(1)

Conclusion

(14)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A Graphish: The Language of Graphs

(9)

The Evolving U.S. Economy in Perspective

(32)

The U.S. Economy in Historical Perspective

(5)

How Markets Work

(1)

What's Good about the Market?

(1)

Capitalism and Socialism

(2)

Evolving Economic Systems

(2)

The U.S. Economy

(8)

Business

(4)

Households

(1)

Government

(2)

The U.S. Economy and Globalization

(8)

Global Corporations

(2)

Global Markets

(1)

Surviving in a Global Economy

(2)

Does Globalization Eliminate Jobs?

(1)

Globalization and the Law of One Price

(2)

Dealing with Globalization

(1)

Conclusion

(10)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: The History of Economic Systems

(6)

Supply and Demand

(24)

Demand

(6)

The Law of Demand

(1)

The Demand Curve

(1)

Shifts in Demand versus Movements along a Demand Curve

(1)

Shift Factors of Demand

(1)

A Review

(1)

The Demand Table

(1)

From a Demand Table to a Demand Curve

(1)

Individual and Market Demand Curves

(1)

Supply

(6)

The Law of Supply

(1)

The Supply Curve

(1)

Shifts in Supply versus Movements along a Supply Curve

(1)

Shift Factors of Supply

(1)

A Shift in Supply versus a Movement along a Supply Curve

(1)

A Review

100

(1)

The Supply Table

100

(1)

From a Supply Table to a Supply Curve

101

(1)

Individual and Market Supply Curves

101

(1)

The Interaction of Supply and Demand

102

(5)

Equilibrium

103

(1)

What Equilibrium Isn't

103

(1)

Excess Supply

103

(1)

Excess Demand

103

(1)

Price Adjusts

104

(1)

The Graphical Interaction of Supply and Demand

104

(1)

Political and Social Forces and Equilibrium

105

(1)

Shifts in Supply and Demand

106

(1)

The Limitations of Supply/Demand Analysis

107

(1)

Conclusion

108

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Using Supply and Demand

114

(26)

Real-World Supply and Demand Applications

114

(7)

The Market for Advertising

114

(2)

The Price of a Foreign Currency

116

(1)

Three Real-World Examples

117

(3)

A Review

120

(1)

Government Intervention in the Market

121

(7)

Price Ceilings

121

(2)

Price Floors

123

(2)

Excise Taxes

125

(1)

Quantity Restrictions

126

(1)

Third-Party-Payer Markets

127

(1)

Conclusion

128

(12)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: Algebraic Representation of Supply, Demand, and Equilibrium

133

(7)

PART II MICROECONOMICS

Section I Microeconomics: The Basics

Describing Supply and Demand: Elasticities

140

(26)

Price Elasticity

140

(2)

What Information Price Elasticity Provides

141

(1)

Classifying Demand and Supply as Elastic or Inelastic

141

(1)

Elasticity Is Independent of Units

142

(1)

Calculating Elasticities

142

(3)

Other Examples

144

(1)

Elasticity and Supply and Demand Curves

145

(3)

Elasticity Is Not the Same as Slope

145

(1)

Elasticity Changes along Straight-Line Curves

145

(3)

Substitution and Elasticity

148

(3)

Substitution and Demand

148

(1)

Substitution and Supply

149

(1)

How Substitution Factors Affect Specific Decisions

149

(1)

Empirical Estimates of Elasticities of Demand and Supply

150

(1)

Elasticity, Total Revenue, and Demand

151

(3)

Total Revenue along a Demand Curve

152

(1)

Elasticity of Individual and Market Demand

153

(1)

Other Elasticity Concepts

154

(4)

Income Elasticity of Demand

155

(1)

Cross-Price Elasticity of Demand

156

(1)

Some Examples

157

(1)

The Power of Supply/Demand Analysis

158

(2)

When Should a Supplier Not Raise Price?

158

(1)

Elasticity and Shifting Supply and Demand

159

(1)

Conclusion

160

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Taxation and Government Intervention

166

(22)

Producer and Consumer Surplus

166

(2)

Taxation and Government

168

(8)

How Much Should Government Tax?

168

(3)

Two Principles of Taxation

171

(1)

Who Bears the Burden of a Tax?

172

(3)

Tax Incidence and Current Policy Debates

175

(1)

Government Intervention

176

(6)

Government Intervention as Implicit Taxation

176

(3)

Rent Seeking, Politics, and Elasticities

179

(3)

Conclusion

182

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Section II Foundations of Supply and Demand

The Logic of Individual Choice: The Foundation of Supply and Demand

188

(26)

Utility Theory and Individual Choice

188

(3)

Measuring Pleasure

189

(1)

Total Utility and Marginal Utility

189

(1)

Diminishing Marginal Utility

190

(1)

Rational Choice and Marginal Utility

191

(2)

Some Choices

191

(1)

The Principle of Rational Choice

192

(1)

Simultaneous Decisions

193

(1)

Maximizing Utility and Equilibrium

193

(3)

An Example of Maximizing Utility

194

(1)

Extending the Principle of Rational Choice

195

(1)

Rational Choice and the Laws of Demand and Supply

196

(3)

The Law of Supply

198

(1)

Opportunity Cost

199

(1)

Applying Economists' Theory of Choice to the Real World

199

(4)

The Cost of Decision Making

199

(1)

Given Tastes

200

(1)

Behavioral Economics

201

(2)

Conclusion

203

(11)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: Indifference Curve Analysis

208

(6)

Production and Cost Analysis I

214

(18)

The Role of the Firm

215

(2)

The Firm and the Market

215

(1)

Firms Maximize Profit

215

(2)

The Production Process

217

(3)

The Long Run and the Short Run

218

(1)

Production Tables and Production Functions

218

(1)

The Law of Diminishing Marginal Productivity

219

(1)

The Costs of Production

220

(2)

Fixed Costs, Variable Costs, and Total Costs

220

(1)

Average Total Cost, Average Fixed Cost, and Average Variable Cost

221

(1)

Marginal Cost

222

(1)

Graphing Cost Curves

222

(5)

Total Cost Curves

222

(1)

Average and Marginal Cost Curves

222

(1)

Downward-Sloping Shape of the Average Fixed Cost Curve

223

(1)

The U Shape of the Average and Marginal Cost Curves

223

(1)

The Relationship between the Marginal Productivity and Marginal Cost Curves

224

(1)

The Relationship between the Marginal Cost and Average Cost Curves

225

(2)

Intermission

227

(5)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Production and Cost Analysis II

232

(21)

Making Long-Run Production Decisions

232

(1)

Technical Efficiency and Economic Efficiency

233

(1)

Determinants of the Shape of the Long-Run Cost Curve

233

(4)

Economies of Scale

233

(2)

Diseconomies of Scale

235

(1)

Constant Returns to Scale

236

(1)

The Importance of Economies and Diseconomies of Scale

236

(1)

Envelope Relationship

237

(2)

Entrepreneurial Activity and the Supply Decision

239

(1)

Using Cost Analysis in the Real World

240

(5)

Economies of Scope

240

(1)

Learning by Doing and Technological Change

241

(2)

Many Dimensions

243

(1)

Unmeasured Costs

243

(1)

The Standard Model as a Framework

243

(2)

Conclusion and a Look Ahead

245

(8)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: Isocost/Isoquant Analysis

248

(5)

Section III Market Structure and Policy

Perfect Competition

253

(23)

A Perfectly Competitive Market

253

(4)

The Necessary Conditions for Perfect Competition

254

(1)

The Definition of Supply and Perfect Competition

254

(2)

Demand Curves for the Firm and the Industry

256

(1)

The Profit-Maximizing Level of Output

257

(4)

Marginal Revenue

258

(1)

Marginal Cost

258

(1)

Profit Maximization: MC = MR

258

(1)

The Marginal Cost Curve Is the Supply Curve

259

(1)

Firms Maximize Total Profit

260

(1)

Profit Maximization Using Total Revenue and Total Cost

260

(1)

Total Profit at the Profit-Maximizing Level of Output

261

(4)

Determining Profit from a Table of Costs and Revenue

261

(1)

Determining Profit from a Graph

262

(2)

The Shutdown Point

264

(1)

Short-Run Market Supply and Demand

265

(1)

Long-Run Competitive Equilibrium

266

(1)

Adjustment from the Short Run to the Long Run

267

(3)

An Increase in Demand

267

(1)

Long-Run Market Supply

268

(2)

An Example in the Real World

270

(1)

Conclusion

270

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Monopoly

276

(21)

The Key Difference between a Monopolist and a Perfect Competitor

276

(1)

A Model of Monopoly

277

(4)

Determining the Monopolist's Price and Output Numerically

277

(2)

Determining the Monopolist's Price and Output Graphically

279

(1)

Comparing Monopoly and Perfect Competition

280

(1)

An Example of Finding Output and Price

281

(1)

Profits and Monopoly

281

(3)

A Monopolist Making a Profit

282

(1)

A Monopolist Breaking Even and Making a Loss

282

(2)

The Welfare Loss from Monopoly

284

(1)

The Price-Discriminating Monopolist

285

(1)

Barriers to Entry and Monopoly

286

(3)

Natural Ability

286

(1)

Economies of Scale

286

(3)

Government-Created Monopolies

289

(1)

Normative Views of Monopoly

289

(1)

Government Policy and Monopoly: AIDS Drugs

290

(1)

Conclusion

291

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: The Algebra of Competitive and Monopolistic Firms

295

(2)

Monopolistic Competition, Oligopoly, and Strategic Pricing

297

(24)

The Problems of Determining Market Structure

297

(3)

Classifying Industries

298

(1)

Determining Industry Structure

299

(1)

Conglomerate Firms and Bigness

300

(1)

The Importance of Classifying Industry Structure

300

(1)

Characteristics of Monopolistic Competition

300

(2)

Many Sellers

301

(1)

Product Differentiation

301

(1)

Multiple Dimensions of Competition

302

(1)

Ease of Entry of New Firms in the Long Run

302

(1)

Output, Price, and Profit of a Monopolistic Competitor

302

(4)

Comparing Monopolistic Competition with Perfect Competition

303

(2)

Comparing Monopolistic Competition with Monopoly

305

(1)

Advertising and Monopolistic Competition

305

(1)

Characteristics of Oligopoly

306

(1)

Models of Oligopoly Behavior

306

(4)

The Cartel Model

306

(3)

The Contestable Market Model

309

(1)

Comparison of the Contestable Market Model and the Cartel Model

309

(1)

Strategic Pricing and Oligopoly

309

(1)

Game Theory, Oligopoly, and Strategic Decision Making

310

(6)

Prisoner's Dilemma and a Duopoly Example

311

(2)

Duopoly and a Payoff Matrix

313

(1)

Oligopoly Models, Structure, and Performance

314

(2)

Conclusion

316

(5)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Real-World Competition and Technology

321

(20)

The Goals of Real-World Firms and the Monitoring Problem

321

(3)

Short-Run versus Long-Run Profit

321

(1)

The Problem with Profit Maximization

322

(2)

What Do Real-World Firms Maximize?

324

(1)

The Lazy Monopolist and X-Inefficiency

324

(2)

How Competition Limits the Lazy Monopolist

325

(1)

Motivations for Efficiency Other Than the Profit Incentive

326

(1)

The Fight between Competitive and Monopolistic Forces

326

(4)

How Monopolistic Forces Affect Perfect Competition

326

(1)

Economic Insights and Real-World Competition

327

(1)

How Competitive Forces Affect Monopoly

327

(1)

Competition and Natural Monopoly

328

(2)

How Firms Protect Their Monopolies

330

(2)

Cost/Benefit Analysis of Creating and Maintaining Monopolies

330

(1)

Establishing Market Position

331

(1)

Technology

332

(1)

Technology, Efficiency, and Market Structure

332

(3)

Perfect Competition and Technology

333

(1)

Monopolistic Competition and Technology

333

(1)

Monopoly and Technology

333

(1)

Oligopoly and Technology

333

(1)

Network Externalities, Standards, and Technological Lock-In

334

(1)

Conclusion

335

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Antitrust Policy and Regulation

341

(26)

Antitrust Policy: Judgment by Performance or Structure?

341

(1)

History of U.S. Antitrust Laws

342

(5)

The Sherman Antitrust Act

342

(1)

The Standard Oil and American Tobacco Cases: Judging Market Competitiveness by Performance

343

(1)

The Clayton Act and the Federal Trade Commission Act

344

(1)

The ALCOA Case: Judging Market Competitiveness by Structure

344

(1)

Judging Markets by Structure and Performance: The Reality

345

(2)

Recent Antitrust Enforcement

347

(1)

Three Modern Antitrust Cases

347

(7)

The IBM Case

347

(2)

The AT&T Case

349

(2)

The Microsoft Case

351

(3)

Assessment of U.S. Antitrust Policy

354

(1)

Mergers, Acquisitions, and Takeovers

354

(4)

Acquisitions and Takeovers

355

(1)

Mergers

355

(2)

Recent Merger Activity and Deacquisitions

357

(1)

Assessment of Mergers and Acquisitions

358

(1)

International Competition and Antitrust Policy in Other Countries

358

(2)

European Antitrust Policy

358

(2)

Globalization and Antitrust in the Future

360

(1)

Regulation, Government Ownership, and Industrial Policies

360

(2)

Regulation

360

(2)

Government Ownership

362

(1)

Industrial Policies

362

(1)

Conclusion

362

(5)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Section IV Factor Markets

Work and the Labor Market

367

(31)

The Supply of Labor

368

(4)

Real Wages and the Opportunity Cost of Work

369

(1)

The Supply of Labor and Nonmarket Activities

370

(1)

Income Taxation, Work, and Leisure

371

(1)

The Elasticity of the Supply of Labor

371

(1)

Immigration and the International Supply of Labor

372

(1)

The Derived Demand for Labor

372

(4)

Factors Influencing the Elasticity of Demand for Labor

373

(1)

Labor as a Factor of Production

374

(1)

Shift Factors of Demand

374

(2)

The Role of Other Forces in Wage Determination

376

(1)

Imperfect Competition and the Labor Market

377

(2)

Monopsony

377

(1)

Union Monopoly Power

378

(1)

Bilateral Monopoly

378

(1)

Downsizing, Upsizing, and X-Inefficiency

378

(1)

Political and Social Forces and the Labor Market

379

(5)

Fairness and the Labor Market

379

(2)

Job Discrimination and the Labor Market

381

(3)

The Evolution of Labor Markets

384

(1)

Conclusion: The Labor Market and You

384

(14)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Appendix A: Derived Demand

392

(6)

Who Gets What? The Distribution of Income

398

(24)

Ways of Considering the Distribution of Income

399

(1)

The Share Distribution of Income

399

(3)

The Lorenz Curve

399

(1)

U.S. Income Distribution over Time

400

(2)

Defining Poverty

402

(2)

The Official Definition of Poverty

402

(1)

Debates about the Definition of Poverty

403

(1)

The Costs of Poverty

403

(1)

International Dimensions of Income Inequality

404

(2)

Comparing Income Distribution across Countries

405

(1)

Income Distribution among Countries

405

(1)

The Total Amount of Income in Various Countries

406

(1)

The Distribution of Wealth

406

(1)

A Lorenz Curve of the Distribution of Wealth

406

(1)

How Much Wealth Do the Wealthy Have?

407

(1)

Socioeconomic Dimensions of Income Inequality

407

(3)

Income Distribution According to Socioeconomic Characteristics

408

(1)

Income Distribution According to Class

408

(2)

Income Distribution and Fairness

410

(2)

Philosophical Debates about Equality and Fairness

410

(1)

Fairness and Equality

411

(1)

Fairness as Equality of Opportunity

412

(1)

The Problems of Redistributing Income

412

(1)

Three Important Side Effects of Redistributive Programs

412

(1)

Politics, Income Redistribution, and Fairness

413

(1)

Income Redistribution Policies

413

(5)

Taxation to Redistribute Income

414

(1)

Expenditure Programs to Redistribute Income

415

(2)

How Successful Have Income Redistribution Programs Been?

417

(1)

Conclusion

418

(4)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Section V Applying Economic Reasoning to Policy

Government Policy and Market Failures

422

(20)

Market Failures

422

(1)

Externalities

423

(2)

A Negative Externality Example

424

(1)

A Positive Externality Example

425

(1)

Alternative Methods of Dealing with Externalities

425

(4)

Direct Regulation

425

(1)

Incentive Policies

426

(2)

Voluntary Reductions

428

(1)

The Optimal Policy

429

(1)

Public Goods

429

(3)

Excludability and the Costs of Pricing

431

(1)

Informational Problems

432

(1)

Policies to Deal with Informational Problems

433

(3)

A Market in Information

434

(1)

Licensing of Doctors

434

(1)

The Informational Alternative to Licensure

435

(1)

Government Failure and Market Failures

436

(1)

Conclusion

437

(5)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Politics and Economics: The Case of Agricultural Markets

442

(16)

The Nature of Agricultural Markets

442

(1)

The Good/Bad Paradox in Agriculture

443

(3)

The Long-Run Decline of Farming

443

(1)

The Short-Run Cyclical Problem Facing Farmers

444

(1)

The Difficulty of Coordinating Farm Production

445

(1)

Ways around the Good/Bad Paradox

445

(1)

The General Rule of Political Economy

445

(1)

Four Price Support Options

446

(5)

Supporting the Price by Regulatory Measures

447

(2)

Providing Economic Incentives to Reduce Supply

449

(1)

Subsidizing the Sale of the Good

449

(1)

Buying Up and Storing, Giving Away, or Destroying the Good

450

(1)

Which Group Prefers Which Option?

450

(1)

Economics, Politics, and Real-World Policies

451

(1)

Interest Groups

451

(1)

International Issues

452

(1)

Conclusion

452

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Microeconomic Policy, Economic Reasoning, and Beyond

458

(20)

Economists' Differing Views about Social Policy

459

(2)

How Economists' Value Judgments Creep into Policy Proposals

459

(1)

The Need for a Worldview

460

(1)

Agreement among Economists about Social Policy

461

(1)

Economists' Cost/Benefit Approach to Government Regulation

461

(5)

The Value of Life

462

(1)

Comparing Costs and Benefits of Different Dimensions

463

(1)

Putting Cost/Benefit Analysis in Perspective

464

(1)

The Problem of Other Things Changing

464

(1)

The Cost/Benefit Approach in Context

465

(1)

Failure of Market Outcomes

466

(4)

Distribution

466

(2)

Consumer Sovereignty and Rationality Problems

468

(1)

Inalienable Rights

468

(2)

Government Failure

470

(2)

Conclusion

472

(6)

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

International Trade Policy, Comparative Advantage, and Outsourcing

478

Patterns of Trade

478

(5)

Increasing but Fluctuating World Trade

478

(1)

Differences in the Importance of Trade

478

(1)

What and with Whom the United States Trades

479

(3)

Debtor and Creditor Nations

482

(1)

The Principle of Comparative Advantage

483

(3)

The Gains from Trade

483

(2)

Dividing Up the Gains from Trade

485

(1)

Comparative Advantage in Today's Economy

486

(5)

Other Sources of U.S. Comparative Advantage

488

(1)

Some Concerns about the Future

489

(2)

Varieties of Trade Restrictions

491

(4)

Tariffs and Quotas

492

(2)

Voluntary Restraint Agreements

494

(1)

Embargoes

494

(1)

Regulatory Trade Restrictions

494

(1)

Nationalistic Appeals

495

(1)

Reasons for Trade Restrictions

495

(5)

Unequal Internal Distribution of the Gains from Trade

495

(2)

Haggling by Companies over the Gains from Trade

497

(1)

Haggling by Countries over Trade Restrictions

497

(1)

Specialized Production

498

(1)

Macroeconomic Aspects of Trade

499

(1)

National Security

500

(1)

International Politics

500

(1)

Increased Revenue Brought in by Tariffs

500

(1)

Why Economists Generally Oppose Trade Restrictions

500

(2)

Free Trade Increases Total Output

501

(1)

International Trade Provides Competition

501

(1)

Restrictions Based on National Security Are Often Abused or Evaded

502

(1)

Trade Restrictions Are Addictive

502

(1)

Institutions Supporting Free Trade

502

(2)

Conclusion

504

Summary

Key Terms

Questions for Thought and Review

Problems and Exercises

Questions from Alternative Perspectives

Web Questions

Answers to Margin Questions

Nonwage and Asset Income: Rents, Profits, and Interest www.mhhe.com/economics/colander6

Glossary; Colloquial Glossary; Photo Credits; Index

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