Acclaimed economists Lieberman and Hall have made the latest edition of "Principles and Applications Microeconomic, 5e, International Edition" as current as the headlines. Since real-world policy issues, decisions, and applications impact all of us on an everyday basis, Lieberman and Hall use these true, cutting-edge examples to illustrate core economic theory and application. Straightforward and easy-to-understand, this comprehensive text equips readers with a solid foundation in economics that they can build upon wherever their career paths may lead. Lieberman and Hall's careful focus on important economic theories and applications, and how they relate to practical questions, effectively conveys the message that economics is an integrated, powerful body of knowledge that can address complex domestic and global issues. A wealth of interactive online exercises, graphing applications, and research resources give students hands-on experience in understanding current economic issues.PART I PRELIMINARIES. 1. What Is Economics? 2. Scarcity, Choice, and Economic Systems. PART II MARKETS AND PRICES 3. Supply and Demand. 4. Working with Supply and Demand. 5. Elasticity. PART III MICROECONOMIC DECISION MAKERS. 6. Consumer Choice. 7. Production and Cost. 8. How Firms Make Decisions: Profit Maximization. PART IV PRODUCT MARKETS. 9. Perfect Competition. 10. Monopoly. 11. Monopolistic Competition and Oligopoly. PART V LABOR, CAPITAL, AND FINANCIAL MARKETS. 12. Labor Markets. 13. Capital and Financial Markets. PART VI EFFICIENCY, GOVERNMENT, AND THE GLOBAL ECONOMY. 14. Economic Efficiency and the Competitive Ideal. 15. Government's Role in Economic Efficiency. 16. Comparative Advantage and the Gains from International Trade.