Preface -- Supply, demand, and equilibrium -- Prices, costs, and the gains from trade -- The behavior of consumers -- Consumers in the marketplace -- The behavior of firms -- Production and costs -- Competition -- Welfare economics and the gains from trade -- Knowledge and information -- Monopoly -- Market power, collusion, and oligopoly -- The theory of games -- External costs and benefits -- Common property and public goods -- The demand for factors of production -- The market for labor -- Allocating goods over time -- Risk and uncertainty -- What is economics? -- Appendix A. Calculus supplement -- Appendix B. Answers to all the exercises -- Appendix C. Answers to problem sets -- Glossary -- Index.;"This is a book about how the world works. When you finish the first chapter, you will know how to analyze the effects of sales and excise taxes, and you will have discovered the surprising result that a tax on buyers and a tax on sellers have exactly the same effects. When you finish the second chapter, you will understand why oranges, on average, taste better in New York than in Florida. In each succeeding chapter, you will be exposed to new ideas in economics and to their surprising consequences for the world around you. To learn what price theory is, dig in and begin reading."--Page xiv (Preface).