2274:
economics of information has recently become of great interest to many - possibly due to the rise of information-based companies inside the technology industry. From a game theory approach, the usual constraints that agents have complete information can be loosened to further examine the consequences of having incomplete information. This gives rise to many results which are applicable to real life situations. For example, if one does loosen this assumption, then it is possible to scrutinize the actions of agents in situations of uncertainty. It is also possible to more fully understand the impacts – both positive and negative – of agents seeking out or acquiring information.
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1525:
eat chocolate. Because the cost of not eating the chocolate is higher than the benefits of eating the waffles, it makes no sense to choose waffles. Of course, if one chooses chocolate, they are still faced with the opportunity cost of giving up having waffles. But one is willing to do that because the waffle's opportunity cost is lower than the benefits of the chocolate. Opportunity costs are unavoidable constraints on behavior because one has to decide what's best and give up the next-best alternative.
1159:
1187:. This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services. In many real-life transactions, the assumption fails because some individual buyers or sellers have the ability to influence prices. Quite often, a sophisticated analysis is required to understand the demand-supply equation of a good model. However, the theory works well in situations meeting these assumptions.
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60:
1993:, which if absent in a purely competition regulated market system, might result in several horrific injuries or deaths to be required before companies would begin improving structural safety, as consumers may at first not be as concerned or aware of safety issues to begin putting pressure on companies to provide them, and companies would be motivated not to provide proper safety features due to how it would cut into their profits.
1502:– This is a fixed cost that has already been incurred and cannot be recovered. An example of this can be in R&D development like in the pharmaceutical industry. Hundreds of millions of dollars are spent to achieve new drug breakthroughs but this is challenging as its increasingly harder to find new breakthroughs and meet tighter regulation standards. Thus many projects are written off leading to losses of millions of dollars
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technical improvement. The "Law of Supply" states that, in general, a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply. Here as well, the determinants of supply, such as price of substitutes, cost of production, technology applied and various factors of inputs of production are all taken to be constant for a specific time period of evaluation of supply.
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monopoly, market power is achieved by one firm leading to prices being higher than the marginal cost level. Between these two types of markets are firms that are neither perfectly competitive or monopolistic. Firms such as Pepsi and Coke and Sony, Nintendo and
Microsoft dominate the cola and video game industry respectively. These firms are in
2003:
The different market structures produce cost curves based on the type of structure present. The different curves are developed based on the costs of production, specifically the graph contains marginal cost, average total cost, average variable cost, average fixed cost, and marginal revenue, which is
1751:
of supply and demand predicts that for given supply and demand curves, price and quantity will stabilize at the price that makes quantity supplied equal to quantity demanded. Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand (as to the figure), or in
1746:
occurs where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above. At a price below equilibrium, there is a shortage of quantity supplied compared to quantity demanded. This is posited to bid the price up. At a price above equilibrium, there
1739:
That is, the higher the price at which the good can be sold, the more of it producers will supply, as in the figure. The higher price makes it profitable to increase production. Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a
1557:
Price theory is not the same as microeconomics. Strategic behavior, such as the interactions among sellers in a market where they are few, is a significant part of microeconomics but is not emphasized in price theory. Price theorists focus on competition believing it to be a reasonable description of
1271:
in the economy are well off. Firms decide which goods and services to produce considering low costs involving labor, materials and capital as well as potential profit margins. Consumers choose the good and services they want that will maximize their happiness taking into account their limited wealth.
2041:
Imperfect competition is a type of market structure showing some but not all features of competitive markets. In perfect competition, market power is not achievable due to a high level of producers causing high levels of competition. Therefore, prices are brought down to a marginal cost level. In a
2018:
Perfect competition is a situation in which numerous small firms producing identical products compete against each other in a given industry. Perfect competition leads to firms producing the socially optimal output level at the minimum possible cost per unit. Firms in perfect competition are "price
1524:
to do something as well as when to do something. For example, one may like waffles, but like chocolate even more. If someone offers only waffles, one would take it. But if offered waffles or chocolate, one would take the chocolate. The opportunity cost of eating waffles is sacrificing the chance to
1495:
Over a short time period (few months), most costs are fixed costs as the firm will have to pay for salaries, contracted shipment and materials used to produce various goods. Over a longer time period (2-3 years), costs can become variable. Firms can decide to reduce output, purchase fewer materials
1961:
Market structure refers to features of a market, including the number of firms in the market, the distribution of market shares between them, product uniformity across firms, how easy it is for firms to enter and exit the market, and forms of competition in the market. A market structure can have
1516:
Opportunity cost is closely related to the idea of time constraints. One can do only one thing at a time, which means that, inevitably, one is always giving up other things. The opportunity cost of any activity is the value of the next-best alternative thing one may have done instead. Opportunity
1821:
the difference. At the point where marginal profit reaches zero, further increases in production of the good stop. For movement to market equilibrium and for changes in equilibrium, price and quantity also change "at the margin": more-or-less of something, rather than necessarily all-or-nothing.
1298:
in 1969. However, Frisch did not actually use the word "microeconomics", instead drawing distinctions between "micro-dynamic" and "macro-dynamic" analysis in a way similar to how the words "microeconomics" and "macroeconomics" are used today. The first known use of the term "microeconomics" in a
2273:
and economic decisions. Information has special characteristics. It is easy to create but hard to trust. It is easy to spread but hard to control. It influences many decisions. These special characteristics (as compared with other types of goods) complicate many standard economic theories. The
2078:
A monopoly is a market structure in which a market or industry is dominated by a single supplier of a particular good or service. Because monopolies have no competition, they tend to sell goods and services at a higher price and produce below the socially optimal output level. However, not all
1808:
constraints while producers attempt to maximize profits subject to their own constraints, including demand for goods produced, technology, and the price of inputs. For the consumer, that point comes where marginal utility of a good, net of price, reaches zero, leaving no net gain from further
1469:. The fixed cost refers to the cost that is incurred regardless of how much the firm produces. The variable cost is a function of the quantity of an object being produced. The cost function can be used to characterize production through the duality theory in economics, developed mainly by
1275:
The government can make these allocation decisions or they can be independently made by the consumers and firms. For example, in the former Soviet Union, the government played a part in informing car manufacturers which cars to produce and which consumers will gain access to a car.
1150:
The utility maximization problem has so far been developed by taking consumer tastes (i.e. consumer utility) as primitive. However, an alternative way to develop microeconomic theory is by taking consumer choice as primitive. This model of microeconomic theory is referred to as
1565:
Price theory focuses on how agents respond to prices, but its framework can be applied to a wide variety of socioeconomic issues that might not seem to involve prices at first glance. Price theorists have influenced several other fields including developing
1731:
is the relation between the price of a good and the quantity available for sale at that price. It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesized to be
1107:
by imposing rationality axioms on consumer preferences and then mathematically modeling and analyzing the consequences. The utility maximization problem serves not only as the mathematical foundation of consumer theory but as a
1166:
model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). The graph depicts a right-shift in demand from
1856:
Demand-and-supply analysis is used to explain the behavior of perfectly competitive markets, but as a standard of comparison it can be extended to any type of market. It can also be generalized to explain variables across the
1678:, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure).
1736:, meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a function relating price and quantity, if other factors are unchanged.
1663:. The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed. In microeconomics, it applies to price and output determination for a market with
1251:
because it does not consider the distribution of goods between people. Market failure in positive economics (microeconomics) is limited in implications without mixing the belief of the economist and their theory.
2059:
Monopolistic competition is a situation in which many firms with slightly different products compete. Production costs are above what may be achieved by perfectly competitive firms, but society benefits from the
1533:
Microeconomics is also known as price theory to highlight the significance of prices in relation to buyer and sellers as these agents determine prices due to their individual actions. Price theory is a field of
1219:
may attempt to find policies that avoid waste, either directly by government control, indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare, or by creating
2027:, on which many different sellers sell similar products to many different buyers. Consumers in a perfect competitive market have perfect knowledge about the products that are being sold in this market.
1422:
The cost-of-production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the
1705:
states that, in general, price and quantity demanded in a given market are inversely related. That is, the higher the price of a product, the less of it people would be prepared to buy (other things
2122:
that reduce competition leading to higher prices for consumers and less overall market output. Alternatively, oligopolies can be fiercely competitive and engage in flamboyant advertising campaigns.
1778:, which affects the cost of changing output levels. Their usage rates can be changed easily, such as electrical power, raw-material inputs, and over-time and temp work. Other inputs are relatively
961:
and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in
1290:
Economists commonly consider themselves microeconomists or macroeconomists. The difference between microeconomics and macroeconomics likely was introduced in 1933 by the
Norwegian economist
2315:
examines the evolution of the economy and economic institutions, using methods and techniques from the fields of economics, history, geography, sociology, psychology, and political science.
1255:
The demand for various commodities by individuals is generally thought of as the outcome of a utility-maximizing process, with each individual trying to maximize their own utility under a
1985:
Competition acts as a regulatory mechanism for market systems, with government providing regulations where the market cannot be expected to regulate itself. Regulations help to mitigate
976:
among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes
6620:
1794:(responsiveness) of the supply curve in the short and long runs and corresponding differences in the price-quantity change from a shift on the supply or demand side of the market.
2367:, which examines the challenges faced by cities, such as sprawl, air and water pollution, traffic congestion, and poverty, draws on the fields of urban geography and sociology.
2064:. Examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities.
2327:
examines topics such as the structure of optimal portfolios, the rate of return to capital, econometric analysis of security returns, and corporate financial behavior.
1644:
model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase (that is, right-shift) in demand from D
2199:. The term "game" here implies the study of any strategic interaction between people. Applications include a wide array of economic phenomena and approaches, such as
2819:
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and even sell some machinery. Over 10 years, most costs become variable as workers can be laid off or new machinery can be bought to replace the old machinery
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1326:
and services to the consumption expenditures; ultimately, this relationship between preferences and consumption expenditures is used to relate preferences to
1686:
choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is "constrained utility maximization" (with income and
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1759:, to consumers for that unit. It measures what the consumer would be prepared to pay for that unit. The corresponding point on the supply curve measures
1763:, the increase in total cost to the supplier for the corresponding unit of the good. The price in equilibrium is determined by supply and demand. In a
1574:. Price theory has been applied to issues previously thought of as outside the purview of economics such as criminal justice, marriage, and addiction.
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is both bounded and closed, a solution to the utility maximization problem exists. Economists call the solution to the utility maximization problem a
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examines the organization of education provision and its implication for efficiency and equity, including the effects of education on productivity.
1881:. Economic theory may also specify conditions such that supply and demand through the market is an efficient mechanism for allocating resources.
1989:
of goods and services when the private equilibrium of the market does not match the social equilibrium. One example of this is with regards to
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Sickles, R., & Zelenyuk, V. (2019). Measurement of
Productivity and Efficiency: Theory and Practice. Cambridge: Cambridge University Press
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While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of
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along with the consequent increase in price and quantity required to reach a new market-clearing equilibrium point on the supply curve (S).
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examines primarily labor markets, but comprises a large range of public policy issues such as immigration, minimum wages, or inequality.
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examines the interaction of workers and employers through such markets to explain patterns and changes of wages and other labor income,
999:—and with national policies relating to these issues. Microeconomics also deals with the effects of economic policies (such as changing
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Varian H.R. (1987) Microeconomics. In: Palgrave
Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London.
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outward relative to the origin, as in the figure. All determinants are predominantly taken as constant factors of demand and supply.
6542:
3522:
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1948:
1698:
refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.
1629:
is the price at which the quantity demanded by consumers equals the quantity supplied by producers. This price results in a stable
1088:. Without the assumption of LNS (local non-satiation) there is no 100% guarantee but there would be a rational rise in individual
6296:
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and quantitative effects of variables that change supply and demand, whether in the short or long run, is a standard exercise in
2440:
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examines the organization of health care systems, including the role of the health care workforce and health insurance programs.
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most markets that leaves room to study additional aspects of tastes and technology. As a result, price theory tends to use less
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applies microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies.
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Natural monopoly: A monopoly in an industry where one producer can produce output at a lower cost than many small producers.
2023:
to profitably increase the price of their goods or services). A good example would be that of digital marketplaces, such as
1517:
cost depends only on the value of the next-best alternative. It does not matter whether one has five alternatives or 5,000.
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along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S).
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Information economics is a branch of microeconomic theory that studies how information and information systems affect an
2079:
monopolies are a bad thing, especially in industries where multiple firms would result in more costs than benefits (i.e.
1019:
Microeconomic study historically has been performed according to general equilibrium theory, developed by Léon Walras in
1003:
levels) on microeconomic behavior and thus on the aforementioned aspects of the economy. Particularly in the wake of the
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The concept of "market type" is different from the concept of "market structure". Nevertheless, there are a variety of
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1485:(FC) – This cost does not change with output. It includes business expenses such as rent, salaries and utility bills.
2722:
De Wolff, Pieter (April 1941). "Income
Elasticity of Demand, a Micro-Economic and a Macro-Economic Interpretation".
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is dominated by a small number of firms (oligopolists). Oligopolies can create the incentive for firms to engage in
1199:
that markets are preferable to other forms of social organization. In fact, much analysis is devoted to cases where
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A bilateral monopoly is a market consisting of both a monopoly (a single seller) and a monopsony (a single buyer).
1791:
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published article was from Pieter de Wolff in 1941, who broadened the term "micro-dynamics" into "microeconomics".
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often criticizing markets and aiming to substitute or replace markets with varying degrees of government-directed
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microeconomics includes a range of specialized areas of study, many of which draw on methods from other fields.
1491:(VC) – This cost changes as output changes. This includes raw materials, delivery costs and production supplies.
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explanation of it as well. That is, the utility maximization problem is used by economists to not only explain
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is one of the most closely studied relations in economics. It is a way of analyzing how consumers may achieve
585:
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Principles of
Microeconomics – free fully comprehensive Principles of Microeconomics and Macroeconomics texts
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Post-Keynesian Essays from Down Under Volume IV: Essays on Theory: Theory and Policy in an
Historical Context
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1709:). As the price of a commodity falls, consumers move toward it from relatively more expensive goods (the
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Production theory is the study of production, or the economic process of converting inputs into outputs.
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1721:). Other factors can change demand; for example an increase in income will shift the demand curve for a
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Game theory is the main way economists understands the behavior of firms within this market structure.
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1800:, such as above, describes the consumers as attempting to reach most-preferred positions, subject to
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have been described as the most directly observable attributes of goods produced and exchanged in a
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and expenditure policies and economic effects of these policies (e.g., social insurance programs).
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for example the quantity of labor employed and the price of labor (the wage rate) depends on the
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is a surplus of quantity supplied compared to quantity demanded. This pushes the price down. The
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Kriesler, Peter (2016), Halevi, Joseph; Harcourt, G. C.; Kriesler, Peter; Nevile, J. W. (eds.),
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For a given quantity of a consumer good, the point on the demand curve indicates the value, or
1408:. They see every commercial activity other than the final purchase as some form of production.
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Labour Values and the Theory of the Firm. Part I: The
Competitive Firm. Paris: EURODOS; 2009.
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examines topics such as the entry and exit of firms, innovation, and the role of trademarks.
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to guarantee that a solution to the utility maximization problem exists. That is, since the
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On the supply side of the market, some factors of production are described as (relatively)
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In the mathematical model for the cost of production, the short-run total cost is equal to
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1084:. It is at this point that economists make the technical assumption that preferences are
3357:, 1999. "Information and the Organization of Industry," ch. 1, in Graciela Chichilnisky
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Frisch, R. 1933. Propagation problems and impulse problems in dynamic economics. In
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impossible since there is no guarantee that the resulting utility function would be
1065:. Although microeconomic theory can continue without this assumption, it would make
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3279:"Gary M. Erickson (2009). "An Oligopoly Model of Dynamic Advertising Competition".
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sometimes equal to the demand, average revenue, and price in a price-taking firm.
2898:
Value and
Capital: An Inquiry into Some Fundamental Principles of Economic Theory
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1404:. Some economists define production broadly as all economic activity other than
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3745:
X-Lab: A Collaborative Micro-Economics and Social
Sciences Research Laboratory
3679:
2892:
2572:
2381:
2204:
2168:
1967:
1841:(from employers for production) and supply of labor (from potential workers).
1787:
1767:, supply and demand equate marginal cost and marginal utility at equilibrium.
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Microeconomic theory typically begins with the study of a single rational and
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3367: • _____, 1996. "The Economics of Information: An Exposition,"
2351:
examines the role of political institutions in determining policy outcomes.
1542:
framework to explain and predict human behavior. It is associated with the
6383:
4407:
3035:"The Competitive Allocation Process Is Informationally Efficient Uniquely"
2764:
2385:
874:
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6422:
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An oligopsony is a market where there are a few buyers and many sellers.
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1000:
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2145:
A monopsony is a market where there is only one buyer and many sellers.
1833:, including labor and capital, through factor markets. In a competitive
1023:(1874) and partial equilibrium theory, introduced by Alfred Marshall in
5680:
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4120:
4032:
3372:
2743:
2270:
2216:
2200:
1858:
1695:
1473:(1953, 1970) and other scholars (Sickles & Zelenyuk, 2019, ch. 2).
1339:
1267:
Individuals and firms need to allocate limited resources to ensure all
1089:
1062:
1131:
problem in which an individual seeks to maximize utility subject to a
6404:
4196:
2119:
1801:
1614:
3348:
3008:(2006). "Chapter 7: Putting All Markets Together: The AS–AD Model".
2735:
3570:
Price theory and applications: Decisions, markets, and information.
1211:. A classic example of suboptimal resource allocation is that of a
5531:
4081:
3963:
3943:
2281:
1635:
1385:
1157:
929:
3766:
3446:
1224:" to enable efficient trading where none had previously existed.
4238:
3635:
McGuigan, James R.; Moyer, R. Charles; and Frederick H. Harris.
3503:
2024:
1377:
1011:—i.e., based upon basic assumptions about micro-level behavior.
6230:
5535:
4437:
3770:
5722:
3707:
https://economictimes.indiatimes.com/definition/microeconomics
2358:
2126:
Duopoly: A special case of an oligopoly, with only two firms.
1894:
6226:
1330:. The link between personal preferences, consumption and the
4433:
3460:
Dunne, Timothy; J. Bradford Jensen; Mark J. Roberts (2009).
3343:• Beth Allen, 1990. "Information as an Economic Commodity,"
3034:
2965:(second ed.). Palgrave Macmillan UK. pp. 787–791.
1813:(identical to price for the perfect competitor) against the
1007:, much of modern macroeconomic theories has been built upon
3744:
2930:. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.).
2837:. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.).
1103:. The utility maximization problem attempts to explain the
1809:
consumption increases. Analogously, the producer compares
942:
among goods and services. Shown is a marketplace in Delhi.
3478:
Eaton, B. Curtis; Eaton, Diane F.; and Douglas W. Allen.
3637:
Managerial Economics: Applications, Strategy and Tactics
2495:. New Mexico Public Education Department. Archived from
2293:, where many tax laws are passed, which directly impact
1782:, such as plant and equipment and key personnel. In the
1092:. With the necessary tools and assumptions in place the
6621:
International Conference on Population and Development
3644:
Microeconomic Theory: Basic Principles and Extensions.
3639:. South-Western Educational Publishing, 9th ed.: 2001.
3097:
Hashimzade, Nigar; Myles, Gareth; Black, John (2017).
3660:
Microeconomics: Theory and Applications with Calculus
2934:(1st ed.). Palgrave Macmillan UK. pp. 1–7.
2841:(1st ed.). Palgrave Macmillan UK. pp. 1–7.
1790:. These distinctions translate to differences in the
1717:
from the price decline increases ability to buy (the
2961:. In Durlauf, Steven N.; Blume, Lawrence E. (eds.).
2130:
can elucidate behavior in duopolies and oligopolies.
1825:
Other applications of demand and supply include the
6674:
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6359:
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5592:
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5093:
4827:
4576:
4541:
4471:
4368:
4247:
3804:
3705:The economic times (2023). What is Microeconomics.
1554:to yield testable hypotheses that can be rejected.
1338:between preferences and expenditures by maximizing
2777:"Principles of Microeconomics (Curtis and Irvine)"
2675:
2673:
2671:
2669:
2901:(2nd ed.). London: Oxford University Press.
2579:, London: Palgrave Macmillan UK, pp. 33–37,
1239:norm, which is a mathematical application of the
1099:The utility maximization problem is the heart of
957:in making decisions regarding the allocation of
3462:Producer Dynamics: New Evidence from Micro Data
2957:Taber, Christopher; Weinberg, Bruce A. (2008).
2430:"Macroeconomics and International Policy Terms"
1966:. Different forms of markets are a feature of
3693:Intermediate Microeconomics: A Modern Approach
3180:(3rd ed.). New York: Macmillan Learning.
3155:(3rd ed.). New York: Macmillan Learning.
1076:Microeconomic theory progresses by defining a
6242:
5547:
4449:
3782:
968:One goal of microeconomics is to analyze the
953:that studies the behavior of individuals and
911:
8:
3695:. W. W. Norton & Company, 8th ed.: 2009.
3665:Pindyck, Robert S.; and Daniel L. Rubinfeld.
3628:; Whinston, Michael D.; and Jerry R. Green.
3407:The Economics of Uncertainty and Information
2470:. Monroe County Women's Disability Network.
938:that enable buyers and sellers to establish
6646:United Nations world population conferences
3702:. W.W. Norton & Company, 3rd ed.: 1992.
3685:The New Palgrave: A Dictionary of Economics
3615:. South-Western College Pub, 5th ed.: 2001.
2663:, ed. R. Frisch. London: Allen & Unwin.
1929:. Unsourced material may be challenged and
1849:, and (un)employment, productivity through
6559:Population and housing censuses by country
6249:
6235:
6227:
5554:
5540:
5532:
4456:
4442:
4434:
3789:
3775:
3767:
3655:. Pearson – Addison Wesley, 4th ed.: 2007.
3572:Cambridge University Press, 7th ed.: 2005.
2818:: CS1 maint: location missing publisher (
2661:Economic essays in honour of Gustav Cassel
2642:: CS1 maint: location missing publisher (
2462:
2460:
1861:, for example, total output (estimated as
918:
904:
38:
3662:. Pearson – Addison Wesley, 1st ed.: 2007
3646:South-Western College Pub, 8th ed.: 2001.
3441:(1st paperback ed.). Addison Wesley.
2689:Varian, Hal R. (1987). "Microeconomics".
1949:Learn how and when to remove this message
1296:Nobel Memorial Prize in Economic Sciences
1057:assumption that preference relations are
6282:Estimates of historical world population
3594:Addison Wesley Paperback, 2nd ed.: 2000.
3287:European Journal of Operational Research
3281:European Journal of Operational Research
2963:The New Palgrave Dictionary of Economics
2932:The New Palgrave Dictionary of Economics
2839:The New Palgrave Dictionary of Economics
2691:The New Palgrave Dictionary of Economics
3597:Katz, Michael L.; and Harvey S. Rosen.
3230:Krylovskiy, Nikolay (20 January 2020).
2420:
1235:. "Optimal welfare" usually takes on a
1061:is needed to ensure the existence of a
50:
3359:Markets, Information, and Uncertainty.
3069:Economics: A Contemporary Introduction
2811:
2635:
2187:Game theory is a major method used in
1127:The utility maximization problem is a
3672:Ruffin, Roy J.; and Paul R. Gregory.
3456:McGraw-Hill Paperback, 7th ed.: 2008.
2959:"Labour economics (new perspectives)"
2428:Marchant, Mary A.; Snell, William M.
1038:means an individual possesses stable
7:
6715:
6185:
3632:. Oxford University Press, US: 1995.
3437:Bade, Robin; Michael Parkin (2001).
3379:Collected Papers of Kenneth J. Arrow
2655:
2653:
2613:
2611:
2609:
2297:. This is studied in the subject of
1927:adding citations to reliable sources
1853:, and related public-policy issues.
6651:Voluntary Human Extinction Movement
3622:. South-Western Pub, 2nd ed.: 2000.
3601:. McGraw-Hill/Irwin, 3rd ed.: 1997.
3492:. McGraw-Hill/Irwin, 6th ed.: 2006.
3313:"Oligopoly/Duopoly and Game Theory"
2493:"Social Studies Standards Glossary"
2225:agent-based computational economics
2195:competing behaviors of interacting
4345:Microfoundations of macroeconomics
3608:. Princeton University Press: 1990
3583:. Princeton University Press, 2019
3558:. Clarendon Press. 1946, 2nd ed.
3126:Emerson, Patrick M. (2019-10-28),
3072:. Thomson South-Western. pp.
2357:examines the design of government
1682:describes individual consumers as
1442:can be viewed either as a form of
1418:Cost-of-production theory of value
1412:Cost-of-production theory of value
1124:individuals make choices as well.
1094:utility maximization problem (UMP)
25:
6543:Population and Development Review
3762:A brief history of microeconomics
3523:Concise Encyclopedia of Economics
2519:Microeconomics of Market Failures
2239:, and across such broad areas as
2019:takers" (they do not have enough
1183:usually assumes that markets are
27:Behavior of individuals and firms
6727:
6726:
6714:
6591:Population concern organizations
6297:Projections of population growth
6208:
6197:
6184:
6173:
6172:
4979:neoclassical–Keynesian synthesis
4418:
4417:
4406:
3676:. Addison Wesley, 7th ed.: 2000.
3606:A Course in Microeconomic Theory
3528:Library of Economics and Liberty
3361:Cambridge University Press, pp.
2699:10.1057/978-1-349-95121-5_1212-1
2384:
1899:
1786:, all inputs may be adjusted by
1520:Opportunity costs can tell when
1294:, the co-recipient of the first
1227:This is studied in the field of
980:, where markets fail to produce
885:
873:
58:
6692:Human impact on the environment
6626:Population Action International
6127:List of social science journals
3482:. Prentice Hall, 5th ed.: 2002.
3464:. University of Chicago Press.
3323:from the original on 2016-06-25
3212:from the original on 2018-03-14
3012:(4th ed.). Prentice-Hall.
2553:from the original on 2006-04-11
2474:from the original on 2008-02-04
2446:from the original on 2007-03-18
1318:Consumer demand theory relates
1207:that is suboptimal and creates
160:Concepts, theory and techniques
6641:United Nations Population Fund
6084:Science and technology studies
3592:Advanced Microeconomic Theory.
3575:Jaffe, Sonia; Minton, Robert;
3526:(2nd ed.). Indianapolis:
3262:. 11 June 2013. Archived from
3066:McEachern, William A. (2006).
2573:"Partial Equilibrium Analysis"
2287:United States Capitol Building
1263:Allocation of scarce resources
1:
4915:Critique of political economy
3750:Simulations in Microeconomics
3669:Prentice Hall, 7th ed.: 2008.
3613:Price Theory and Applications
3439:Foundations of Microeconomics
3033:Jordan, J.S. (October 1982).
2410:Critique of political economy
2392:Business and economics portal
1962:several types of interacting
1259:and a given consumption set.
1120:individuals make choices but
3674:Principles of Microeconomics
3620:Principles of Microeconomics
3383:The Economics of Information
3377: • _____, 1984.
3053:10.1016/0022-0531(82)90088-6
2798:(9th ed.). Harlow, UK.
2618:Perloff, Jeffrey M. (2018).
1765:perfectly competitive market
1607:perfectly competitive market
1322:for the consumption of both
1243:. This can diverge from the
934:Microeconomics analyzes the
6666:World Population Foundation
6656:World Population Conference
6569:World population milestones
4290:Civil engineering economics
4275:Statistical decision theory
3915:Income elasticity of demand
3490:Microeconomics and Behavior
3202:"Monopoly - Economics Help"
3132:Intermediate Microeconomics
3105:. Oxford University Press.
2794:Pindyck, Robert S. (2018).
2585:10.1057/978-1-137-47529-9_4
2521:(1st ed.). Cambridge:
1601:in a perfectly competitive
1544:Chicago School of Economics
1034:individual. To economists,
1015:Assumptions and definitions
6774:
6538:Population and Environment
5053:Real business-cycle theory
3925:Price elasticity of supply
3920:Price elasticity of demand
3910:Cross elasticity of demand
3682:(1987). "microeconomics,"
3449:. Columbia, Maryland, 2011
3299:10.1016/j.ejor.2008.06.023
3277:Erickson, Gary M. (2009).
3040:Journal of Economic Theory
2994:(2nd ed.). Macmillan.
2971:10.1057/9780230226203.0914
2940:10.1057/9780230226203.2907
2847:10.1057/9780230226203.3325
2622:(8th ed.). New York.
2262:
2209:mergers & acquisitions
2180:
2166:
2152:
2138:
2095:
2071:
2052:
2034:
2011:
1888:
1586:
1562:than microeconomics does.
1509:
1415:
1376:that is suitable for use,
1353:
1311:
1283:
1021:Elements of Pure Economics
29:
6710:
6448:Human population planning
6272:Demographics of the world
6168:
5569:
5493:
4401:
3735:Resources in your library
3688:, v. 3, pp. 461–463.
3176:Goolsbee, Austan (2019).
3151:Goolsbee, Austan (2019).
3134:, Oregon State University
3103:A Dictionary of Economics
2517:Salanié, Bernard (2000).
2247:, information economics,
1605:. It concludes that in a
1286:History of microeconomics
1145:Walrasian demand function
1080:which is a subset of the
6453:Compulsory sterilization
3981:Income–consumption curve
3586:Jehle, Geoffrey A.; and
3579:; and Murphy, Kevin M.:
3499:Aldine Transaction: 1976
3345:American Economic Review
3317:AP Microeconomics Review
2988:Hicks, John R. (1963) .
2055:Monopolistic competition
2049:Monopolistic competition
1674:For a given market of a
1593:Supply and demand is an
1477:Fixed and variable costs
1129:constrained optimization
148:JEL classification codes
30:Not to be confused with
6395:Malthusian growth model
5772:international relations
4693:Industrial organization
4523:Computational economics
4315:Industrial organization
3564:., Glazer, Amihai, and
3128:"Module 8: Cost Curves"
2879:Encyclopædia Britannica
2835:"Prices and quantities"
2337:Industrial organization
2289:: meeting place of the
2249:industrial organization
2062:product differentiation
1548:competitive equilibrium
1546:. Price theory studies
1025:Principles of Economics
334:Industrial organization
191:Computational economics
6522:Zero population growth
6517:Sustainable population
6441:Malthusian catastrophe
6400:Overshoot (population)
6277:Demographic transition
6099:Quantum social science
4898:Modern monetary theory
4563:Experimental economics
4533:Pluralism in economics
4518:Mathematical economics
3700:Microeconomic Analysis
2437:University of Kentucky
2302:
2291:United States Congress
2241:experimental economics
2189:mathematical economics
1987:negative externalities
1827:distribution of income
1653:
1328:consumer demand curves
1308:Consumer demand theory
1176:
1078:competitive budget set
943:
186:Experimental economics
6631:Population Connection
6495:Mere addition paradox
6334:Physiological density
6136:Other categorizations
5989:International studies
5974:History of technology
5909:Communication studies
5792:public administration
4285:Engineering economics
3880:Cost–benefit analysis
2781:Social Sci LibreTexts
2765:10.1017/9781139565981
2285:
2265:Information economics
2259:Information economics
2044:imperfect competition
2037:Imperfect competition
2031:Imperfect competition
1831:factors of production
1657:Prices and quantities
1639:
1424:factors of production
1185:perfectly competitive
1161:
1137:extreme value theorem
1135:. Economists use the
933:
6661:World Population Day
6616:Church of Euthanasia
6505:Non-identity problem
6480:Political demography
6436:Human overpopulation
5969:Historical sociology
4772:Social choice theory
4528:Behavioral economics
4102:Price discrimination
3996:Intertemporal choice
3658:Perloff, Jeffrey M.
3630:Microeconomic Theory
3618:Mankiw, N. Gregory.
3581:Chicago Price Theory
3510:Harberger, Arnold C.
3420:and chapter-preview
3403:Jean-Jacques Laffont
3396:and chapter-preview
3283:197 (2009): 374–388"
3256:"Competition Counts"
3232:"Natural monopolies"
2724:The Economic Journal
2468:"Economics Glossary"
2405:First-order approach
2245:behavioral economics
1974:, with advocates of
1923:improve this section
1631:economic equilibrium
1578:Microeconomic models
1568:public choice theory
1342:subject to consumer
1303:Microeconomic theory
1233:public choice theory
1191:Mainstream economics
1147:or correspondence.
1086:locally non-satiated
413:Social choice theory
6510:Reproductive rights
6341:Population dynamics
6292:Population momentum
6149:Geisteswissenschaft
6143:Behavioral sciences
6069:Political sociology
5984:Information science
5929:Development studies
4856:American (National)
4556:Economic statistics
4413:Business portal
4350:Operations research
4177:Substitution effect
3650:Perloff, Jeffrey M.
3642:Nicholson, Walter.
3611:Landsburg, Steven.
3266:on 4 December 2013.
2991:The Theory of Wages
2924:Freeman, Richard B.
2875:"Utility and Value"
2325:Financial economics
2319:Education economics
2229:general equilibrium
2014:Perfect competition
2008:Perfect competition
1711:substitution effect
1665:perfect competition
1599:price determination
1452:circulating capital
1392:. This can include
1247:goal of maximizing
1241:Kaldor–Hicks method
1205:resource allocation
1153:revealed preference
1067:comparative statics
880:Business portal
201:Operations research
181:National accounting
6636:Population Matters
6351:Population pyramid
6329:Population density
6324:Population decline
6204:Society portal
5691:auxiliary sciences
3991:Indifference curve
3959:Goods and services
3900:Economies of scope
3895:Economies of scale
3755:2010-10-31 at the
3626:Mas-Colell, Andreu
3577:Mulligan, Casey B.
3566:Hirshleifer, David
3518:David R. Henderson
3502:Hagendorf, Klaus:
3495:Friedman, Milton.
3416:2012-01-25 at the
3392:2012-03-30 at the
3371:, 23(2), pp.
3099:"market structure"
3006:Blanchard, Olivier
2928:"Labour economics"
2871:Baumol, William J.
2833:Brody, A. (1987).
2303:
2155:Bilateral monopoly
2149:Bilateral monopoly
2102:An oligopoly is a
2081:natural monopolies
1865:) and the general
1798:Marginalist theory
1744:Market equilibrium
1694:on demand). Here,
1654:
1456:intermediate goods
1344:budget constraints
1177:
1032:utility maximizing
944:
211:Industrial complex
206:Middle income trap
6740:
6739:
6611:7 Billion Actions
6485:Population ethics
6378:Carrying capacity
6287:Population growth
6224:
6223:
6064:Political economy
6059:Political ecology
5914:Community studies
5904:Cognitive science
5867:Interdisciplinary
5767:Political science
5529:
5528:
5060:New institutional
4431:
4430:
4393:Political economy
4192:Supply and demand
4072:Pareto efficiency
3721:Library resources
3562:Hirshleifer, Jack
3555:Value and Capital
3537:978-0-86597-665-8
3471:978-0-226-17256-9
3452:Colander, David.
3112:978-0-19-875943-0
3083:978-0-324-28860-5
3019:978-0-1318-6026-1
2980:978-0-333-78676-5
2908:978-0-19-828269-3
2873:(28 April 2016).
2708:978-1-349-95121-5
2594:978-1-137-47529-9
2349:Political economy
2343:Law and economics
2253:political economy
2191:and business for
1980:economic planning
1959:
1958:
1951:
1879:applied economics
1734:profit maximizers
1642:supply and demand
1625:for a particular
1589:Supply and demand
1583:Supply and demand
1572:law and economics
1540:supply and demand
1356:Production theory
1350:Production theory
1257:budget constraint
1229:collective action
1215:. In such cases,
1181:supply and demand
1164:supply and demand
1141:budget constraint
1133:budget constraint
970:market mechanisms
936:market mechanisms
928:
927:
16:(Redirected from
6765:
6730:
6729:
6718:
6717:
6687:Green Revolution
6468:Two-child policy
6463:One-child policy
6386:
6346:Population model
6302:World population
6251:
6244:
6237:
6228:
6212:
6202:
6201:
6188:
6187:
6176:
6175:
6079:Regional science
5924:Cultural studies
5899:Business studies
5556:
5549:
5542:
5533:
4733:Natural resource
4568:Economic history
4506:Mechanism design
4458:
4451:
4444:
4435:
4421:
4420:
4411:
4410:
4153:Returns to scale
4011:Market structure
3791:
3784:
3777:
3768:
3604:Kreps, David M.
3549:
3514:"Microeconomics"
3486:Frank, Robert H.
3475:
3442:
3425:
3355:Kenneth J. Arrow
3341:
3335:
3334:
3329:
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3309:
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3274:
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3243:
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3236:Economics Online
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2785:
2784:
2773:
2767:
2754:
2748:
2747:
2730:(201): 140–145.
2719:
2713:
2712:
2693:. pp. 1–5.
2686:
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2394:
2389:
2388:
2355:Public economics
2331:Health economics
2313:Economic history
2299:public economics
2295:economic welfare
2233:mechanism design
2104:market structure
1998:types of markets
1972:market socialism
1954:
1947:
1943:
1940:
1934:
1903:
1895:
1891:Market structure
1885:Market structure
1869:, as studied in
1839:demand for labor
1817:of a good, with
1811:marginal revenue
1757:marginal utility
1715:purchasing power
1713:). In addition,
1512:Opportunity cost
1506:Opportunity cost
1448:industrial plant
1438:) and taxation.
1193:does not assume
1063:utility function
1009:microfoundations
959:scarce resources
920:
913:
906:
892:Money portal
890:
889:
888:
878:
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374:Natural resource
166:Economic systems
62:
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6475:Overconsumption
6458:Family planning
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6089:Science studies
5873:Administration
5862:
5588:
5565:
5563:Social sciences
5560:
5530:
5525:
5522:Business portal
5489:
5488:
5487:
5447:
5211:von Böhm-Bawerk
5099:
5098:
5089:
4861:Ancient thought
4839:
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4823:
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4501:Contract theory
4486:Decision theory
4467:
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4397:
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4243:
3885:Deadweight loss
3822:Consumer choice
3800:
3795:
3757:Wayback Machine
3741:
3740:
3739:
3729:
3728:
3724:
3717:
3712:
3698:Varian, Hal R.
3691:Varian, Hal R.
3667:Microeconomics.
3552:Hicks, John R.
3538:
3508:
3472:
3459:
3454:Microeconomics.
3436:
3433:
3431:Further reading
3428:
3418:Wayback Machine
3401: •
3400:
3394:Wayback Machine
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2371:Labor economics
2365:Urban economics
2280:
2267:
2261:
2219:, oligopolies,
2185:
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2100:
2094:
2076:
2070:
2057:
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2033:
2016:
2010:
1976:state socialism
1955:
1944:
1938:
1935:
1920:
1904:
1893:
1887:
1843:Labor economics
1819:marginal profit
1651:
1647:
1591:
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1531:
1514:
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1471:Ronald Shephard
1420:
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1358:
1352:
1316:
1314:Consumer choice
1310:
1305:
1288:
1282:
1265:
1222:missing markets
1209:deadweight loss
1201:market failures
1174:
1170:
1101:consumer theory
1082:consumption set
1017:
974:relative prices
972:that establish
949:is a branch of
940:relative prices
924:
886:
884:
872:
865:
864:
835:
825:
824:
823:
822:
586:von Böhm-Bawerk
474:
463:
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224:
216:
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171:Economic growth
161:
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92:classifications
35:
28:
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22:
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11:
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6753:Microeconomics
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6708:
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6702:Sustainability
6699:
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6676:
6675:Related topics
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6564:Largest cities
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6384:I = P × A × T
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6032:social science
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5986:
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5971:
5966:
5964:Global studies
5961:
5959:Gender studies
5956:
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5942:social science
5938:Environmental
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4738:Organizational
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4513:Macroeconomics
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4481:Microeconomics
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4388:Macroeconomics
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4087:Price controls
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3798:Microeconomics
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3764:
3759:
3747:
3738:
3737:
3731:
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3726:Microeconomics
3719:
3718:
3716:
3715:External links
3713:
3711:
3710:
3703:
3696:
3689:
3680:Varian, Hal R.
3677:
3670:
3663:
3656:
3653:Microeconomics
3647:
3640:
3633:
3623:
3616:
3609:
3602:
3599:Microeconomics
3595:
3588:Philip J. Reny
3584:
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3536:
3506:
3500:
3493:
3483:
3480:Microeconomics
3476:
3470:
3457:
3450:
3445:Bouman, John:
3434:
3432:
3429:
3427:
3426:
3353: •
3347:, 80(2), pp.
3336:
3304:
3293:(1): 374–388.
3269:
3247:
3222:
3206:Economics Help
3193:
3187:978-1319325435
3186:
3178:Microeconomics
3168:
3162:978-1319325435
3161:
3153:Microeconomics
3143:
3118:
3111:
3089:
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3010:Macroeconomics
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2949:978-0333786765
2948:
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2856:978-0333786765
2855:
2825:
2805:978-1292213378
2804:
2796:Microeconomics
2786:
2783:. 5 July 2021.
2768:
2749:
2714:
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2649:
2629:978-1292215693
2628:
2620:Microeconomics
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2400:Macroeconomics
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2279:
2276:
2263:Main article:
2260:
2257:
2237:voting systems
2221:social network
2181:Main article:
2178:
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2167:Main article:
2164:
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2153:Main article:
2150:
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2139:Main article:
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2096:Main article:
2093:
2090:
2089:
2088:
2072:Main article:
2069:
2066:
2053:Main article:
2050:
2047:
2035:Main article:
2032:
2029:
2012:Main article:
2009:
2006:
1991:building codes
1964:market systems
1957:
1956:
1907:
1905:
1898:
1889:Main article:
1886:
1883:
1873:. Tracing the
1871:macroeconomics
1847:labor mobility
1661:market economy
1649:
1645:
1619:price controls
1615:per unit taxes
1595:economic model
1587:Main article:
1584:
1581:
1579:
1576:
1538:that uses the
1530:
1527:
1510:Main article:
1507:
1504:
1493:
1492:
1486:
1478:
1475:
1416:Main article:
1413:
1410:
1390:market economy
1354:Main article:
1351:
1348:
1312:Main article:
1309:
1306:
1304:
1301:
1284:Main article:
1281:
1278:
1264:
1261:
1179:The theory of
1172:
1168:
1096:is developed.
1071:differentiable
1042:that are both
1016:
1013:
1005:Lucas critique
978:market failure
963:macroeconomics
947:Microeconomics
926:
925:
923:
922:
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908:
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379:Organizational
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223:By application
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32:Macroeconomics
26:
24:
18:Microeconomist
14:
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4:
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6693:
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6685:
6683:
6682:Bennett's law
6680:
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6614:
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6609:
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6603:organizations
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6406:
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6401:
6398:
6396:
6393:
6391:
6390:Kaya identity
6388:
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6381:
6379:
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6371:
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6358:
6352:
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6280:
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6195:
6193:
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6183:
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6180:
6171:
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6155:Human science
6153:
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6146:
6144:
6141:
6140:
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6128:
6125:
6124:
6122:
6118:
6112:
6111:Vegan studies
6109:
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6097:
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6085:
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6074:Public health
6072:
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6008:Philosophies
6007:
6005:
6004:Media studies
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5979:Human ecology
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5895:
5892:
5890:
5889:Anthrozoology
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5829:
5825:
5822:
5820:
5817:
5815:
5814:developmental
5812:
5810:
5807:
5805:
5802:
5801:
5800:
5797:
5793:
5790:
5788:
5787:public policy
5785:
5783:
5780:
5778:
5775:
5773:
5770:
5769:
5768:
5765:
5761:
5758:
5757:
5756:
5753:
5749:
5746:
5744:
5741:
5739:
5738:legal systems
5736:
5734:
5733:legal history
5731:
5729:
5728:jurisprudence
5726:
5725:
5724:
5721:
5717:
5714:
5712:
5709:
5707:
5704:
5702:
5699:
5697:
5694:
5692:
5689:
5687:
5684:
5683:
5682:
5679:
5675:
5672:
5670:
5667:
5665:
5662:
5660:
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5656:
5655:
5652:
5648:
5645:
5643:
5640:
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5635:
5633:
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5629:
5628:
5625:
5621:
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5611:
5608:
5606:
5603:
5602:
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5598:
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5508:
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5500:
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5427:
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5412:
5409:
5407:
5404:
5402:
5399:
5397:
5394:
5392:
5389:
5387:
5384:
5382:
5379:
5377:
5374:
5372:
5369:
5367:
5364:
5362:
5359:
5357:
5354:
5352:
5349:
5347:
5344:
5342:
5339:
5337:
5334:
5332:
5329:
5327:
5324:
5322:
5319:
5317:
5314:
5312:
5309:
5307:
5304:
5302:
5299:
5297:
5294:
5292:
5289:
5287:
5284:
5282:
5279:
5277:
5274:
5272:
5269:
5267:
5264:
5262:
5259:
5257:
5254:
5252:
5249:
5247:
5244:
5242:
5239:
5237:
5234:
5232:
5229:
5227:
5224:
5222:
5219:
5217:
5214:
5212:
5209:
5207:
5204:
5202:
5199:
5197:
5194:
5192:
5189:
5187:
5184:
5182:
5179:
5177:
5174:
5172:
5169:
5167:
5164:
5162:
5159:
5157:
5154:
5152:
5149:
5147:
5144:
5142:
5139:
5137:
5134:
5132:
5129:
5127:
5124:
5122:
5119:
5117:
5114:
5112:
5109:
5107:
5106:de Mandeville
5104:
5103:
5101:
5097:
5092:
5086:
5083:
5081:
5078:
5076:
5073:
5071:
5068:
5066:
5063:
5061:
5058:
5054:
5051:
5050:
5049:
5048:New classical
5046:
5042:
5039:
5038:
5037:
5034:
5032:
5029:
5027:
5024:
5020:
5017:
5016:
5015:
5012:
5010:
5007:
5005:
5004:Malthusianism
5002:
4996:
4993:
4992:
4991:
4988:
4986:
4983:
4980:
4976:
4973:
4972:
4971:
4968:
4966:
4965:Institutional
4963:
4961:
4958:
4956:
4953:
4951:
4948:
4946:
4943:
4941:
4938:
4936:
4933:
4931:
4928:
4926:
4923:
4921:
4918:
4916:
4913:
4911:
4908:
4906:
4903:
4899:
4896:
4895:
4894:
4891:
4889:
4886:
4884:
4881:
4879:
4876:
4872:
4869:
4868:
4867:
4864:
4862:
4859:
4857:
4854:
4852:
4849:
4847:
4844:
4843:
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4836:
4831:
4826:
4818:
4815:
4813:
4810:
4808:
4805:
4803:
4800:
4798:
4795:
4793:
4790:
4788:
4785:
4783:
4780:
4778:
4775:
4773:
4769:
4768:Public choice
4766:
4764:
4761:
4759:
4756:
4754:
4751:
4749:
4746:
4744:
4743:Participation
4741:
4739:
4736:
4734:
4731:
4729:
4726:
4724:
4721:
4719:
4716:
4714:
4711:
4709:
4706:
4704:
4703:Institutional
4701:
4699:
4696:
4694:
4691:
4689:
4686:
4684:
4681:
4679:
4676:
4674:
4671:
4669:
4666:
4664:
4661:
4659:
4656:
4654:
4653:Expeditionary
4651:
4649:
4646:
4644:
4643:Environmental
4641:
4639:
4636:
4634:
4631:
4629:
4626:
4624:
4621:
4619:
4616:
4614:
4611:
4609:
4606:
4604:
4601:
4599:
4596:
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4591:
4589:
4586:
4585:
4581:
4579:
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4569:
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4557:
4554:
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4548:
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4531:
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4521:
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4516:
4514:
4511:
4507:
4504:
4502:
4499:
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4492:
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4483:
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4479:
4478:
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4466:
4459:
4454:
4452:
4447:
4445:
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4436:
4424:
4416:
4414:
4409:
4404:
4403:
4400:
4394:
4391:
4389:
4386:
4382:
4379:
4378:
4377:
4374:
4373:
4371:
4367:
4361:
4358:
4356:
4353:
4351:
4348:
4346:
4343:
4341:
4338:
4336:
4333:
4331:
4328:
4326:
4323:
4321:
4320:Institutional
4318:
4316:
4313:
4311:
4308:
4306:
4303:
4301:
4298:
4296:
4293:
4291:
4288:
4286:
4283:
4281:
4278:
4276:
4273:
4271:
4268:
4266:
4265:Computational
4263:
4261:
4258:
4256:
4253:
4252:
4250:
4246:
4240:
4237:
4233:
4230:
4228:
4225:
4224:
4223:
4220:
4218:
4215:
4211:
4210:Law of supply
4207:
4204:
4202:
4201:Law of demand
4198:
4195:
4194:
4193:
4190:
4188:
4187:Social choice
4185:
4183:
4180:
4178:
4175:
4173:
4172:Excess supply
4169:
4166:
4164:
4161:
4159:
4158:Risk aversion
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4134:
4131:
4129:
4126:
4122:
4119:
4117:
4113:
4110:
4108:
4105:
4103:
4100:
4098:
4095:
4093:
4092:Price ceiling
4090:
4088:
4085:
4084:
4083:
4080:
4078:
4075:
4073:
4070:
4066:
4063:
4061:
4058:
4056:
4053:
4049:
4048:Complementary
4046:
4044:
4041:
4040:
4039:
4036:
4034:
4031:
4027:
4024:
4022:
4019:
4018:
4017:
4014:
4013:
4012:
4009:
4007:
4004:
4002:
3999:
3997:
3994:
3992:
3989:
3987:
3984:
3982:
3979:
3977:
3974:
3970:
3967:
3965:
3962:
3961:
3960:
3957:
3955:
3952:
3950:
3947:
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3942:
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3935:
3934:
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3930:
3926:
3923:
3921:
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3913:
3911:
3908:
3907:
3906:
3903:
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3898:
3896:
3893:
3891:
3888:
3886:
3883:
3881:
3878:
3874:
3871:
3869:
3866:
3864:
3861:
3857:
3854:
3853:
3852:
3849:
3847:
3844:
3842:
3839:
3838:
3837:
3834:
3832:
3831:non-convexity
3828:
3825:
3823:
3820:
3818:
3815:
3813:
3810:
3809:
3807:
3803:
3799:
3792:
3787:
3785:
3780:
3778:
3773:
3772:
3769:
3763:
3760:
3758:
3754:
3751:
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3736:
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3539:
3533:
3529:
3525:
3524:
3519:
3515:
3511:
3507:
3505:
3501:
3498:
3497:Price Theory.
3494:
3491:
3487:
3484:
3481:
3477:
3473:
3467:
3463:
3458:
3455:
3451:
3448:
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3443:
3440:
3430:
3423:
3419:
3415:
3412:
3409:, MIT Press.
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3404:
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3340:
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3333:
3322:
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3314:
3308:
3305:
3300:
3296:
3292:
3288:
3284:
3282:
3273:
3270:
3265:
3261:
3260:ftstatus=live
3257:
3251:
3248:
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3211:
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3133:
3129:
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3114:
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3015:
3011:
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3001:
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2941:
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2499:on 2007-08-08
2498:
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2256:
2254:
2250:
2246:
2242:
2238:
2234:
2230:
2226:
2222:
2218:
2214:
2213:fair division
2210:
2206:
2202:
2198:
2194:
2190:
2184:
2176:
2174:
2170:
2162:
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2099:
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2065:
2063:
2056:
2048:
2046:
2045:
2038:
2030:
2028:
2026:
2022:
2015:
2007:
2005:
2001:
1999:
1994:
1992:
1988:
1983:
1981:
1977:
1973:
1969:
1965:
1953:
1950:
1942:
1932:
1928:
1924:
1918:
1917:
1913:
1908:This section
1906:
1902:
1897:
1896:
1892:
1884:
1882:
1880:
1876:
1872:
1868:
1864:
1860:
1854:
1852:
1851:human capital
1848:
1844:
1840:
1836:
1832:
1828:
1823:
1820:
1816:
1815:marginal cost
1812:
1807:
1803:
1799:
1795:
1793:
1789:
1785:
1781:
1777:
1773:
1768:
1766:
1762:
1761:marginal cost
1758:
1753:
1750:
1745:
1741:
1737:
1735:
1730:
1726:
1724:
1720:
1719:income effect
1716:
1712:
1708:
1704:
1703:law of demand
1699:
1697:
1693:
1689:
1685:
1681:
1680:Demand theory
1677:
1672:
1670:
1666:
1662:
1658:
1643:
1638:
1634:
1632:
1628:
1624:
1620:
1616:
1612:
1611:externalities
1608:
1604:
1600:
1596:
1590:
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1577:
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1569:
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1490:
1489:Variable cost
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1467:variable cost
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1391:
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1379:
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517:
514:
512:
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502:
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494:
492:
489:
487:
484:
482:
481:de Mandeville
479:
478:
473:
467:
466:
459:
456:
454:
451:
449:
446:
444:
441:
439:
436:
434:
431:
429:
426:
424:
421:
419:
416:
414:
410:
409:Public choice
407:
405:
402:
400:
397:
395:
392:
390:
387:
385:
384:Participation
382:
380:
377:
375:
372:
370:
367:
365:
362:
360:
357:
355:
352:
350:
347:
345:
344:Institutional
342:
340:
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332:
330:
327:
325:
322:
320:
317:
315:
312:
310:
307:
305:
302:
300:
297:
295:
294:Expeditionary
292:
290:
287:
285:
284:Environmental
282:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
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149:
146:
144:
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139:
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134:
131:
129:
126:
124:
120:
117:
115:
114:International
112:
110:
107:
105:
102:
100:
97:
96:
93:
90:Branches and
87:
86:
81:
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61:
57:
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49:
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6531:Publications
6490:Antinatalism
6428:
6405:World3 model
6265:Major topics
6213:
6189:
6177:
6147:
5954:Food studies
5894:Area studies
5647:mathematical
5642:econometrics
5631:
5600:Anthropology
5517:Publications
5473:Publications
5440:
5036:Neoclassical
5026:Mercantilism
4935:Evolutionary
4797:Sociological
4770: /
4668:Geographical
4648:Evolutionary
4623:Digitization
4588:Agricultural
4551:Econometrics
4491:Price theory
4480:
4355:Optimization
4340:Mathematical
4300:Experimental
4295:Evolutionary
4280:Econometrics
4138:Public goods
4112:Price system
4107:Price signal
4021:Monopolistic
3890:Distribution
3805:Major topics
3797:
3725:
3699:
3692:
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2040:
2021:market power
2017:
2002:
1995:
1984:
1960:
1945:
1939:October 2018
1936:
1921:Please help
1909:
1855:
1835:labor market
1824:
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1738:
1733:
1728:
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1529:Price theory
1521:
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1494:
1460:
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1382:gift economy
1368:to create a
1359:
1332:demand curve
1317:
1289:
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1266:
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1226:
1194:
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1178:
1149:
1126:
1121:
1117:
1113:
1110:metaphysical
1105:action axiom
1098:
1075:
1052:
1029:
1024:
1020:
1018:
997:unemployment
986:
967:
946:
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850:Publications
815:
438:Sociological
411: /
309:Geographical
289:Evolutionary
264:Digitization
229:Agricultural
133:Mathematical
118:
104:Econometrics
36:
6414:Society and
6373:Biocapacity
6215:Wikiversity
6106:Social work
5994:Linguistics
5919:Criminology
5836:criminology
5819:personality
5777:comparative
5755:Linguistics
5748:private law
5605:archaeology
5311:von Neumann
5080:Supply-side
5065:Physiocracy
5009:Marginalism
4698:Information
4638:Engineering
4618:Development
4613:Demographic
4496:Game theory
4473:Theoretical
4305:Game theory
4270:Development
4217:Uncertainty
4097:Price floor
4077:Preferences
4016:Competition
3986:Information
3949:Externality
3932:Equilibrium
3873:Transaction
3851:Opportunity
3812:Aggregation
3411:Description
3387:Description
3047:(1): 1–18.
2893:Hicks, J.R.
2549:. ECON100.
2223:formation,
2183:Game theory
2177:Game theory
2128:Game theory
2106:in which a
1875:qualitative
1867:price level
1723:normal good
1692:constraints
1560:game theory
1465:plus total
1426:(including
1406:consumption
1396:, storing,
1336:equilibrium
1320:preferences
1245:Utilitarian
1213:public good
1040:preferences
1036:rationality
686:von Neumann
339:Information
279:Engineering
259:Development
254:Demographic
196:Game theory
138:Methodology
6747:Categories
6601:Events and
6416:population
6362:Population
6313:Population
6258:Population
6160:Humanities
6094:historical
6027:psychology
5999:Management
5841:demography
5799:Psychology
5782:philosophy
5743:public law
5674:integrated
5468:Economists
5341:Schumacher
5246:Schumpeter
5216:von Wieser
5136:von Thünen
5096:Economists
4995:Circuitism
4960:Humanistic
4955:Historical
4930:Ecological
4920:Democratic
4893:Chartalism
4883:Behavioral
4846:Mainstream
4807:Statistics
4802:Solidarity
4723:Managerial
4688:Humanistic
4683:Historical
4628:Ecological
4593:Behavioral
4335:Managerial
4255:Behavioral
4128:Production
4065:Oligopsony
3905:Elasticity
3817:Budget set
3327:2017-06-11
3241:2020-09-03
3216:2018-03-14
3138:2021-05-13
2600:2023-07-30
2557:2008-02-22
2547:"Glossary"
2503:2008-02-22
2478:2008-02-22
2450:2007-05-04
2416:References
2205:bargaining
2169:Oligopsony
2163:Oligopsony
1968:capitalism
1829:among the
1792:elasticity
1788:management
1684:rationally
1623:unit price
1500:Sunk Costs
1483:Fixed cost
1463:fixed cost
1440:Technology
1362:Production
1217:economists
1059:continuous
1048:transitive
845:Economists
716:Schumacher
621:Schumpeter
591:von Wieser
511:von Thünen
472:economists
448:Statistics
443:Solidarity
364:Managerial
329:Humanistic
324:Historical
269:Ecological
234:Behavioral
128:Mainstream
6697:Migration
6574:6 billion
6038:Planning
6017:economics
5934:Education
5831:Sociology
5809:cognitive
5760:semiotics
5711:political
5669:technical
5654:Geography
5627:Economics
5386:Greenspan
5351:Samuelson
5331:Galbraith
5301:Tinbergen
5241:von Mises
5236:Heckscher
5196:Edgeworth
5075:Stockholm
5070:Socialist
4970:Keynesian
4950:Happiness
4910:Classical
4871:Mutualism
4866:Anarchist
4851:Heterodox
4748:Personnel
4708:Knowledge
4673:Happiness
4663:Financial
4633:Education
4608:Democracy
4543:Empirical
4465:Economics
4376:Economics
4248:Subfields
4143:Rationing
4060:Oligopoly
4055:Monopsony
4043:Bilateral
3976:Household
3827:Convexity
3546:237794267
2895:(2001) .
2814:cite book
2638:cite book
2523:MIT Press
2217:duopolies
2211:pricing,
2141:Monopsony
2135:Monopsony
2118:and form
2116:collusion
2098:Oligopoly
2092:Oligopoly
1910:does not
1776:short run
1707:unchanged
1676:commodity
1536:economics
1446:(e.g. an
1402:packaging
1366:resources
1055:technical
993:inflation
984:results.
982:efficient
951:economics
761:Greenspan
726:Samuelson
706:Galbraith
676:Tinbergen
616:von Mises
611:Heckscher
571:Edgeworth
389:Personnel
349:Knowledge
314:Happiness
304:Financial
274:Education
249:Democracy
143:Political
109:Heterodox
52:Economics
6732:Category
6500:Natalism
6423:Eugenics
6179:Category
6047:regional
6042:land use
5877:business
5846:internet
5804:abnormal
5706:military
5696:economic
5686:cultural
5659:physical
5620:physical
5610:cultural
5497:Category
5477:journals
5463:Glossary
5416:Stiglitz
5381:Rothbard
5361:Buchanan
5346:Friedman
5336:Koopmans
5326:Leontief
5306:Robinson
5191:Marshall
5041:Lausanne
4945:Georgism
4940:Feminist
4888:Buddhist
4878:Austrian
4777:Regional
4753:Planning
4728:Monetary
4658:Feminist
4603:Cultural
4598:Business
4423:Category
4369:See also
4260:Business
4232:Marginal
4227:Expected
4168:Shortage
4163:Scarcity
4038:Monopoly
3944:Exchange
3856:Implicit
3846:Marginal
3753:Archived
3512:(2008).
3414:Archived
3405:, 1989.
3390:Archived
3381:, v. 4,
3369:Empirica
3321:Archived
3319:. 2017.
3210:Archived
2926:(1987).
2551:Archived
2472:Archived
2441:Archived
2378:See also
2201:auctions
2193:modeling
2112:industry
2074:Monopoly
2068:Monopoly
1863:real GDP
1784:long run
1772:variable
1752:supply.
1609:with no
1398:shipping
1386:exchange
1237:Paretian
1203:lead to
1196:a priori
1155:theory.
1044:complete
1027:(1890).
1001:taxation
854:journals
840:Glossary
791:Stiglitz
756:Rothbard
736:Buchanan
721:Friedman
711:Koopmans
701:Leontief
681:Robinson
566:Marshall
470:Notable
418:Regional
394:Planning
369:Monetary
299:Feminist
244:Cultural
239:Business
44:a series
42:Part of
6721:Commons
6364:ecology
6315:biology
6191:Commons
6022:history
6012:science
5947:studies
5681:History
5593:Primary
5579:History
5574:Outline
5512:Outline
5483:Schools
5475: (
5436:Piketty
5431:Krugman
5296:Kuznets
5286:Kalecki
5261:Polanyi
5151:Cournot
5146:Bastiat
5131:Ricardo
5121:Malthus
5111:Quesnay
5014:Marxian
4905:Chicago
4835:history
4830:Schools
4817:Welfare
4787:Service
4578:Applied
4381:Applied
4360:Welfare
4222:Utility
4182:Surplus
4121:Pricing
4033:Duopoly
4026:Perfect
3969:Service
3937:General
3841:Average
3520:(ed.).
2744:2225666
2306:Applied
2278:Applied
2271:economy
2120:cartels
1931:removed
1916:sources
1859:economy
1774:in the
1696:utility
1690:as the
1552:markets
1432:capital
1374:service
1340:utility
1280:History
1249:utility
1090:utility
860:Schools
852: (
811:Piketty
806:Krugman
671:Kuznets
661:Kalecki
636:Polanyi
526:Cournot
521:Bastiat
506:Ricardo
496:Malthus
486:Quesnay
458:Welfare
428:Service
99:Applied
75:Outline
70:History
6431:genics
5882:public
5824:social
5716:social
5615:social
5421:Thaler
5401:Ostrom
5396:Becker
5391:Sowell
5371:Baumol
5276:Myrdal
5271:Sraffa
5266:Frisch
5256:Knight
5251:Keynes
5226:Fisher
5221:Veblen
5206:Pareto
5186:Menger
5181:George
5176:Jevons
5171:Walras
5161:Gossen
5085:Thermo
4763:Public
4758:Policy
4713:Labour
4678:Health
4206:Supply
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646:Sraffa
641:Frisch
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551:Jevons
546:Walras
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354:Labour
319:Health
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6758:Money
6552:Lists
6052:urban
5856:urban
5851:rural
5701:human
5664:human
5584:Index
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5502:Index
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5411:Lucas
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666:Röpke
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433:Socio
423:Rural
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