7. The price system and the microeconomy

7.1 Utility

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7.2 Indifference curves and budget lines

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7.3 Efficiency and market failure

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7.4 Private costs and benefits, externalities and social costs and benefits

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7.5 Types of cost, revenue and profit, short-run and long-run production

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7.6 Different market structures

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7.7 Growth and survival of firms

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7.8 Differing objectives and policies of firms

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7. The price system and the microeconomy