Mathematical proofs (where necessary) are presented in footnotes, or, when in the text, they are printed in small print so as not to interrupt the main theme. The author has adopted the verbal approach, with extensive use of diagrams to illustrate the verbal exposition. In addition, postgraduate courses, in which micro theory is taught not at too specialized a level, could make use of the text. The book is written at an intermediate level, and is designed for undergraduate micro-theory courses. The new edition thus covers all the topics usually included in textbooks on price theory. In addition, this Second Edition includes a third part covering the three important topics of the theory of factor pricing, general equilibrium theory and welfare theory. The main emphasis is on oligopoly, which is the typical market structure of the modern industrial world. It concentrates on the models of behaviour of the basic economic units, consumers and producers. This book provides a thorough exposition of the traditional and the 'modern' micro-theory.
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