Chapter 2 / Opportunity Cost, Trade, and Coordination
Comparative Advantage Practice
Calculate opportunity costs, identify comparative advantage, and test whether a proposed trade can make both sides better off.
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Textbook and course companion
Principles of Microeconomics
Read the developing textbook and practice its central models with interactive tools arranged in chapter order.
Draft edition
A principles text about incentives, coordination, and institutions
The book follows the standard undergraduate microeconomics sequence while giving prices, property rights, information, and institutional alternatives a more central role. Reviewed chapters will appear on a stable table of contents as they are completed.
Open the textbookCurrent reading
Chapters 1-14
The first fourteen chapters are available for review. Open a chapter directly or use the full table of contents to see the complete course sequence.
- 01Thinking Like an EconomistFoundations
- 02Opportunity Cost, Trade, and CoordinationFoundations
- 03Demand and SupplyMarkets
- 04Market Equilibrium and Market AdjustmentMarkets
- 05Elasticity and Market ResponsivenessMarkets
- 06Consumer Surplus, Producer Surplus, and Market EfficiencyWelfare
- 07Taxes and Deadweight LossPolicy
- 08Price Controls and RegulationPolicy
- 09International Trade and Trade PolicyTrade
- 10Externalities and Property RightsInstitutions
- 11Public Goods and Common ResourcesInstitutions
- 12Information, Uncertainty, and Market DesignInstitutions
- 13Costs and ProductionFirms
- 14Perfect CompetitionMarket structure
Practice by chapter
Current applets
Open a tool directly or use this page to move through the course in book order.
Chapter 3 / Demand and Supply
Supply-Demand Shift Practice
Separate demand and supply events, identify curve shifts, and reason through reinforced, offsetting, and ambiguous equilibrium effects.
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Chapter 5 / Elasticity
Elasticity Practice
Use elasticity as a ratio of percent changes, solve when two of three values are known, and connect responsiveness to total revenue.
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