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Brief Table of Contents PART 1: INTRODUCTION Economics: Foundations and Models Appendix: Using Graphs and Formulas Trade-offs, Comparative Advantage, and the Market System Where Prices Come From: The Interaction of Demand and Supply Economic Efficiency, Government Price Setting, and Taxes Appendix: Quantitative Demand and Supply Analysis PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS Externalities, Environmental Policy, and Public Goods Elasticity: The Responsiveness of Demand and Supply The Economics of Health Care PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES Firms, the Stock Market, and Corporate Governance Appendix: Present Value Online Appendix: Tools to Analyze Firms' Financial Information Comparative Advantage and the Gains from International Trade PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS Consumer Choice and Behavioral Economics Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior Technology, Production, and Costs Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost PART 5: MARKET STRUCTURE AND FIRM STRATEGY Firms in Perfectly Competitive Markets Monopolistic Competition: The Competitive Model in a More Realistic Setting Oligopoly: Firms in Less Competitive Markets Monopoly and Antitrust Policy PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME The Markets for Labor and Other Factors of Production Public Choice, Taxes, and