Principles of Economics

amount analysis benefits budget business cycle capital cars Chapter cocaine competition consumer surplus consumers consumption corporations decline demand curve dollars drugs earnings economic profits economic rent economists effect efficient elasticity employment equal equilibrium example expenditures factor Figure finance firm's firms fixed FOCUS graph growth hamburgers harvest households income increase indifference curve individual industry inputs investment issue labor less long-run long-run average cost lower LRAC curve marginal cost marginal product marginal revenue marginal utility ment milkshakes monopolist monopoly opportunity cost output percent percentage perfect competition pollution problem production possibilities curve purchase quantity demanded real GNP reduce regulation relative rent rise sell shift short-run slope sumers supply and demand supply curve Suppose Table tion union United variable voters voting wages wheat workers