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16 GENERAL EQUILIBRIUM
16.1 THEORY
GENERAL EQUILIBRIUM APPLICATION 16.1 Net after Taxes?
ANALYSIS: TWO MARKETS
16.2
GENERAL EQUILIBRIUM APPLICATION 16.2 Causes and Effects
ANALYSIS: MANY MARKETS of the 2007–2008 Oil Price Rise
16.3
GENERAL EQUILIBRIUM APPLICATION 16.3 Who Likes the Gas Tax Least?
ANALYSIS:COMPARATIVE STATICS
16.4
THE EFFICIENCY OF APPLICATION 16.4 Experimental Economics
COMPETITIVE MARKETS Looks at Pareto Efficiency
16.5
GAINS FROM FREE TRADE APPLICATION 16.5 Gains from Free Trade
APPENDIX
DERIVING THE DEMAND AND
SUPPLY CURVES FOR THE GENERAL
EQUILIBRIUM IN FIGURE 16.9 AND
LEARNING-BY-DOING EXERCISE 16.2
How Do Gasoline Taxes Affect the Economy?
Gasoline prices have often made the front pages of newspapers in the last decade. As the price of crude oil
soared to record levels in 2008, gasoline prices peaked at about $4.00 per gallon, well above the average
price of about $1.30 that prevailed at the turn of the millennium.
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