Principles of Microeconomics 2nd Edition Exam 3 Review

Welcome to Principles of Microeconomics for AP^® Courses 2e (2nd Edition), an OpenStax resources. This textbook was written to increment student admission to high-quality learning materials, maintaining highest standards of academic rigor at little to no cost.

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About Principles of Microeconomics for AP^® Courses 2e

Principles of Microeconomics for AP^® Courses 2e (2d edition) covers the scope and sequence requirements for an Advanced Placement^® microeconomics class and is listed on the College Board's AP^® case textbook list. The second edition includes many electric current examples and recent data from FRED (Federal Reserve Economical Information), which are presented in a politically equitable way. The outcome is a counterbalanced approach to the theory and application of economics concepts. The 2nd edition was developed with significant feedback from current users. In nearly all chapters, it follows the same basic construction of the beginning edition.

Coverage and scope

For the second edition, we received expansive and actionable feedback from hundreds of adopters who had used the book for several academic terms. These knowledgeable instructors informed the pedagogical courses, learning objective development and fulfillment, and the chapter arrangements. Faculty who taught from the material provided critical and detailed commentary.

The result is a book that covers the latitude of economics topics and also provides the necessary depth to ensure the grade is manageable for instructors and students alike. We strove to balance theory and application, likewise as the amount of calculation and mathematical examples.

The book is organized into six primary parts:

• What is Economic science? The first two chapters introduce students to the study of economics with a focus on making choices in a world of deficient resources.
• Supply and Demand, Chapters 3 and 4, introduces and explains the showtime belittling model in economics — supply, demand, and equilibrium — before showing applications in the markets for labor and finance.
• Elasticity and Toll, Chapter 5, introduces and explains elasticity and price, ii key concepts in economics.
• The Fundamentals of Microeconomic Theory, Chapters half-dozen through 10, begins the microeconomics portion of the text, presenting the theories of consumer behavior, product and costs, and the different models of market structure, including some elementary game theory.
• Microeconomic Policy Issues, Chapters 11 through 18, covers the range of topics in applied micro, framed around the concepts of public appurtenances and positive and negative externalities. Students explore contest and antitrust policies, environmental issues, poverty, income inequality, and other labor market place issues. The text also covers information, adventure and financial markets, and public economy.
• International Economics, Chapters 19 and xx, introduces the international dimensions of economics, including international trade and protectionism.

Alternate sequencing Principles of Microeconomics for AP^® Courses 2e was conceived and written to fit a particular topical sequence, but it can exist used flexibly to conform other course structures. One such potential structure, which fits reasonably well with the textbook content, is provided. Delight consider, however, that the chapters were not written to be completely independent, and that the proposed alternate sequence should be advisedly considered for student preparation and textual consistency.

Affiliate one Welcome to Economics!
Chapter 2 Option in a World of Scarcity
Chapter 3 Need and Supply
Affiliate 4 Labor and Financial Markets
Affiliate five Elasticity
Chapter 6 Consumer Choices
Chapter 19 International Trade
Chapter seven Production, Costs, and Industry Structure
Chapter 12 Environmental Protection and Negative Externalities
Chapter 13 Positive Externalities and Public Goods
Chapter viii Perfect Contest
Chapter 9 Monopoly
Chapter 10 Monopolistic Competition and Oligopoly
Chapter 11 Monopoly and Antitrust Policy
Chapter fifteen Labor Markets and Income
Chapter xiv Poverty and Economic Inequality
Chapter 16 Data, Take chances, and Insurance
Chapter 17 Financial Markets
Chapter eighteen Public Economy
Chapter twenty Globalization and Protectionism

Appendix A The Utilise of Mathematics in Principles of Economics
Appendix B Indifference Curves
Appendix C Present Discounted Value

Changes to the 2d edition

OpenStax only undertakes revisions when meaning modifications to a text are necessary. In the case of Principles of Microeconomics for AP^® Courses, nosotros received a wealth of effective feedback. Many of the book'south users felt that consequential movement in economic data, coupled with the impacts of national and global events, warranted a total revision. We also took advantage of the opportunity to improve the writing and sequencing of the text, also equally many of the calculation examples. The major changes are summarized below.

• Augmented explanations in capacity 1 through four provide a more comprehensive and informative foundation for the volume.
• A clearer explanation, using a numerical example, has been given for finding the utility maximizing combination of goods and services a consumer should cull.
• The labor markets chapter and the poverty and economical inequality chapter have been resequenced.
• Instance studies and examples take been revised and, in some cases, replaced to provide more than relevant and useful data for students.
• Economic information, tables, and graphs, too as word and analysis effectually that data, have been thoroughly updated.

Wherever possible, data from the Federal Reserve Economic Database (FRED) was included and referenced. In most of these uses, links to the direct source of the FRED data are provided, and students are encouraged to explore the data and the overall FRED resources more thoroughly.

Additional updates and revisions appear throughout the volume. They reflect changes to economical realities and policies regarding international trade, taxation, insurance, and other topics. For issues that may change in the months or years following the textbook'due south publication, the authors often provided a more than open-ended explanation, only we will update the text annually to accost further changes.

The revision of Principles of Microeconomics for AP^® Courses was undertaken by Steven Greenlaw (University of Mary Washington) and David Shapiro (Pennsylvania State University), with significant input by lead reviewer Daniel MacDonald (California State University, San Bernardino).

Pedagogical foundation

Throughout Principles of Microeconomics for AP^® Courses 2e, yous volition notice features that engage the students in economical enquiry and support the understanding required of the students for the AP^® examination. Our features include:

• Bring Information technology Home: This feature presents a brief instance study, specific to each affiliate, which connects the affiliate's main topic to the real earth. It is broken into 2 parts: the first at the start of the affiliate (in the Intro module) and the second at chapter's finish, when students have learned what'due south necessary to understand the case and "bring home" the chapter'due south core concepts.
• Work It Out: This feature asks students to work through a generally belittling or computational trouble and guides the students step-by-stride to find out how its solution is derived.
• Clear It Upwards: This feature addresses common student misconceptions about the content. Clear It Ups are unremarkably deeper explanations of something in the main body of the text. Each CIU starts with a question. The remainder of the feature explains the reply.
• Link It Upwardly: This feature offers a very cursory introduction to a website that is pertinent to students' understanding and enjoyment of the topic at hand.

Questions for each level of learning

Principles of Microeconomics for AP^® Courses 2e offers four types of end-of-module questions for students.

• Self-Checks are analytical cocky-cess questions that announced at the stop of each module. They push the student to think beyond what is said in the text. Self-Check questions are designed for determinative (rather than summative) cess. The questions and answers are explained so that students feel similar they are being walked through the trouble.
• Review Questions are uncomplicated retrieve questions from the chapter and are in open-response format (not multiple choice or true/simulated). The answers tin be looked up in the text.
• Critical Thinking Questions are higher-level, conceptual questions that ask students to demonstrate their understanding by applying what they accept learned in different contexts. They ask for reasoning about the concepts in a manner that will help set up students for the AP^® exam.
• Issues are exercises that give students additional practice working with the analytic and computational concepts in the module.

Updated art

Principles of Microeconomics for AP^® Courses 2e includes an updated art program to better inform today'due south student, providing the latest data on covered topics.

Additional resources

Student and instructor resource

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About the authors

Senior contributing authors

Steven A. Greenlaw, Academy of Mary Washington
Steven Greenlaw has been teaching principles of economics for more than 30 years. In 1999, he received the Grellet C. Simpson Award for Excellence in Undergraduate Teaching at the University of Mary Washington. He is the author of Doing Economics: A Guide to Doing and Understanding Economic Research, as well as a variety of articles on economics educational activity and instructional technology, published in the Periodical of Economical Education, the International Review of Economic Teaching, and other outlets. He wrote the module on Quantitative Writing for Starting Bespeak: Teaching and Learning Economics, the spider web portal on best practices in teaching economics. Steven Greenlaw lives in Alexandria, Virginia with his wife Kathy and their iii children.

David Shapiro, Pennsylvania State University
David Shapiro is Professor Emeritus of Economic science, Census, and Women's, Gender, and Sexuality Studies at the Pennsylvania State University. He received a BA in Economics and Political Science from the Academy of Michigan, and an MA likewise as a PhD in Economics from Princeton Academy. He began his academic career at Ohio State University in 1971, and moved to Penn State in 1980. His early inquiry focused on women and youth in the United States labor market. Following a 1978-79 stint as a Fulbright professor at the Academy of Kinshasa in the Autonomous Congo-brazzaville, his research shifted focus to fertility in Kinshasa and more broadly, in sub-Saharan Africa. He has too received the pinnacle prize for didactics at both Ohio State and Penn State.

Special thanks to Christian Potter from Academy of Mary Washington, who thoroughly researched and applied many of the data updates and provided the foundation for many new and revised illustrations.

Development editor

Thomas Sigel

Contributing authors

Eric Dodge, Hanover College
Cynthia Gamez, University of Texas at El Paso
Andres Jauregui, Columbus State University
Diane Keenan, Cerritos College
Dan MacDonald, California State Academy, San Bernardino
Amyaz Moledina, The College of Wooster
Craig Richardson, Winston-Salem Country University
Ralph Sonenshine, American Academy

Reviewers

Bryan Aguiar, Northwest Arkansas Community College
Basil Al Hashimi, Mesa Customs College
Jennifer Ball, Washburn University
Emil Berendt, Mount St. Mary's University
Zena Buser, Adams Land University
Douglas Campbell, The University of Memphis
Sanjukta Chaudhuri, University of Wisconsin-Eau Claire
Xueyu Cheng, Alabama Country Academy
Robert Cunningham, Alma College
Rosa Lea Danielson, College of DuPage
Steven Deloach, Elon University
Debbie Evercloud, University of Colorado Denver
Sal Figueras, Hudson County Community College
Reza Ghorashi, Stockton University
Robert Gillette, Academy of Kentucky
George Jones, University of Wisconsin-Rock County
Charles Kroncke, College of Mountain St. Joseph
Teresa Laughlin, Palomar Community College
Carlos Liard-Muriente, Central Connecticut State University
Heather Luea, Kansas State Academy
Charles Meyrick, Housatonic Community Higher
William Mosher, Nashua Community College
Michael Netta, Hudson Canton Customs College
Nick Noble, Miami Academy
Joe Nowakowski, Muskingum University
Shawn Osell, University of Wisconsin, Superior
Mark Owens, Centre Tennessee State Academy
Sonia Pereira, Barnard College
Brian Peterson, Key College
Jennifer Platania, Elon University
Robert Rycroft, University of Mary Washington
Adrienne Sachse, Florida Country College at Jacksonville
Hans Schumann, Texas A&M Academy
Gina Shamshak, Goucher Higher
Chris Warburton, John Jay College of Criminal Justice, CUNY
Mark Witte, Northwestern Academy
Chiou-nan Yeh, Alabama State University

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