Microeconomics exposes readers to topics that play a central role in microeconomics. From game theory and competitive strategy, to the roles of uncertainty and information, and the analysis of pricing by firms with market power, the text helps you understand what’s going on in the world of business. It also shows you how microeconomics can be used as a practical tool for decision-making and for designing and understanding public policy. The 9th Edition further illustrates microeconomics’ relevance and usefulness with new coverage and examples, and an improved exposition that is clear and accessible as well as lively and engaging. With Microeconomics, you will be able to fully appreciate how a modern economy functions

Introduction: markets and prices. Preliminaries The basics of supply and demand Producers, consumers, and competitive markets. Consumer behavior Individual and market demand Uncertainty and consumer behavior Production The cost of production Profit maximization and competitive supply The analysis of competitive markets Market structure and competitive strategy. Market power: monopoly and monopsony Pricing with market power Monopolistic competition and oligopoly Game theory and competitive strategy Market for factor inputs Investment, time, and capital markets Information, market failure, and the role of government. General equilibrium and economic efficiency Markets with assymetric information Externalities and public goods Behavioral economics Appendix: the basics of regression Glossary Answers to selected exercises Photo credits Index