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Get all you need to know with Super Reviews! Each Super Review is packed with in-depth, student-friendly topic reviews that fully explain everything about the subject. The Microeconomics Super Review includes the fundamentals of supply and demand, consumer theory, production revenue and cost, perfect competition, the monopoly, factor prices, monopolistic competition, and oligopolies. Take the Super Review quizzes to see how much you've learned - and where you need more study. Makes an excellent study aid and textbook companion. Great for self-study!

- From cover to cover, each in-depth topic review is easy-to-follow and easy-to-grasp - Perfect when preparing for homework, quizzes, and exams!
- Review questions after each topic that highlight and reinforce key areas and concepts
- Student-friendly language for easy reading and comprehension
- Includes quizzes that test your understanding of the subject

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Product Details

  • ISBN-13: 9780878911912
  • Publisher: Research & Education Association
  • Publication date: 6/28/2000
  • Series: Super Reviews Study Guides
  • Pages: 216
  • Sales rank: 1,545,436
  • Product dimensions: 5.52 (w) x 8.24 (h) x 0.54 (d)

Read an Excerpt

What This Book Will Do For You...

REA's SUPER REVIEWS provides all you need to know to excel in class and succeed on midterms, finals, and even pop quizzes.

Think of this book as giving you access to your own private tutor. Here, right at your fingertips, is a brisk review to help you not only understand your textbook but also pick up where even some of the best lectures leave off.

Outstanding features include...
- Comprehensive yet concise coverage
- Targeted preparation for subject tests
- Easy-to-follow & format that helps you master the subject matter
- End-of-chapter quizzes that provide pretest tune-up

We think you'll agree that, whether you're prepping for your next test or want to be a stronger contributor in class, REA's truly provides all you need to know!

Larry B. Kling
Super Review Program Director

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Table of Contents

Chapter 1 Fundamentals of Supply and Demand
1.1 Economics and Scarcity 1
1.2 Factors of Production 3
1.3 Opportunity Cost 4
1.4 Production Possibilities Frontier 5
1.5 Increasing Relative Costs and Diminishing Returns 10
1.6 Changes of Scale--Returns and Economies 13
1.7 Markets--Supply and Demand 15
1.8 Equilibrium of Supply and Demand 27
1.9 Elasticities 34
Quiz: Fundamentals of Supply and Demand 49
Chapter 2 Consumer Theory
2.1 Consumer Preferences 53
2.2 Cardinal Approach = Measurable Utility 54
2.3 Law of Diminishing Marginal Utility 62
2.4 Indifference Curves (IC) 64
2.5 Marginal Rate of Substitution and Law of Substitution 66
2.6 Indifference Map 69
2.7 Substitutes, Complements, and Indifference Maps 71
2.8 The Budget Line (BL) 72
2.9 Consumer Maximization and Equilibrium Position 78
2.10 Effects of Changes of Income and Prices on the Consumer Equilibrium Position 81
2.11 Income and Substitution Effects 84
2.12 Expenditure: Consumption-Income and Engel Curves 87
2.13 Categories of Goods: Normal, Superior Inferior, and Giffen Goods 88
2.14 Consumer Surplus 91
2.15 Appendix: Trade, Edgeworth Box, Contract Curves 93
Quiz: Consumer Theory 95
Chapter 3 Production--Revenue and Cost
3.1 Production and Efficiency 99
3.2 Isoquants, Isocost, and Ridge Lines 103
3.3 Product Curves 109
3.4 Revenue 113
3.5 Cost 114
Chapter 4 Perfect Competition
4.1 Perfect Competition and Profit Maximization 124
4.2 The Demand Curve for a Perfectly Competitive Firm 126
4.3 Profit Maximization Under Perfect Competition--Short Run 129
4.4 Profit Maximization Under Perfect Competition--Long Run 139
4.5 Advantages and Disadvantages of Perfect Competition 143
Quiz: Production--Revenue and Cost & Perfect Competition 144
Chapter 5 The Monopoly
5.1 Imperfect Competition and Monopoly 148
5.2 Monopoly and Profit Maximization 152
5.3 Natural Monopolies and Barriers to Entry 157
5.4 Price Discrimination 160
5.5 The Multi-Plant Monopolist 163
5.6 Monopoly Resource Misallocation 164
5.7 Cartels and Collusion 165
Chapter 6 Monopolistic Competition and Oligopolies
6.1 Monopolistic Competition: Characteristics 169
6.2 Monopolistic Competition: Demand and Profit Maximization in the Short Run 171
6.3 Long Run Equilibrium for the Monopolistic Competitor 174
6.4 Oligopoly: Defined 176
6.5 Oligopoly: Classical Models 177
6.6 Sweezy's Kinked Demand Curve 181
6.7 Non-Price Competition and Implicit Collusion 183
Quiz: The Monopoly & Monopolistic Competition and Oligopolies 186
Chapter 7 Factor Prices
7.1 Forms of Income Generation 190
7.2 Perfect Competition in the Resource Market 190
7.3 Resource Demand for a Competitive Buyer and Seller 192
7.4 Resource Supply for a Competitive Market 194
7.5 Resource Demand for a Monopolist 197
7.6 The Monopsonist 199
Quiz: Factor Prices 201
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