labor-leisure budget constraint

median 506

North American Free Trade

363

median voter theory 442

Agreement (NAFTA) 479, 490

labor-leisure diagram 526

Medicaid 362, 369

Laurence Kahn 343
law of demand 49, 98

Law of Diminishing Marginal

Product 164

Medicare 439

merger 260

Michael S. Clune 351

Microeconomics 15

O
occupational licenses 392

oligopoly 238, 246

opportunity cost 29, 451, 459,

law of diminishing marginal

Midpoint Formula 115

479

utility 32

law of supply 50

leviathan effect 178

line graphs 506

liquidity 413

living wage 94

lobbyists 439

Logrolling 441

long run 163

long-run average cost (LRAC)

curve 177

long-run equilibrium 205

Lorenz curve 372

loss aversion 151
low-income countries 476, 485

M
Macroeconomics 15

marginal analysis 32

marginal benefits 292

Midpoint Method 113, 116

opportunity set 524

minimum wage 94, 481

Organization of Petroleum

model 17

Mollie Orshansky 360

monetary policy 16

Exporting Countries (OPEC)

250

output 249
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