Chapter 1: Ten Principles of Economics Principles of Economics, 8th Edition N. Gregory Mankiw Page 1 I. Introduction A. Use the margins in your book for note keeping. B. My comments in these chapter summaries are in italics. C. For testing purposes, you are responsible for material covered in the text, but not for my comments. D. The margins in your book are wide, so use them for note taking rather than having a notebook. E. The summaries at the end of the chapters are excellent reviews. F. Much of the power of economics is rooted in the fact that ...
Chapter 15: Monopoly Principles of Economics, 8th Edition N. Gregory Mankiw Page 1 1. Introduction: a. Monopoly is a firm that is the sole seller of a product without close substitutes. P. 290. b. While competitive firms are price takers, it is a price maker. c. We continue to assume that it attempts to maximize profits. d. Since many monopolies are regulated, it is often more appropriate to think about firms with market power that permits them to earn extraordinary profits for an extended period. i. Market power is based on substantial barriers to entry. e. While price equals marginal ...
Chapter 2: Thinking like an Economist Principles of Economics, 8th Edition N. Gregory Mankiw Page 1 1. Every field has its own language and its own way of thinking. a. Moral hazard and adverse selection. b. The single most important purpose of this book (course) is to help you learn the economist’s way of thinking. 2. The Economist as Scientist a. Economists try to address their subject with a scientist’s objectivity. b. They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. c. The scientific method: observation, theory, and ...
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