Cover: Principles of Microeconomics , 3rd Edition by Betsey Stevenson; Justin Wolfers

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Principles of Microeconomics

Third Edition

Publication Date: February 10, 2026

Paperback ISBN: 9781319615734

Every Decision is an Economic Decision

Principles of Microeconomics by Betsey Stevenson and Justin Wolfers helps students see how economic thinking applies to the decisions they make every day — from what to buy, to how businesses set prices, to how markets work. It breaks down complex ideas with clarity and...

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Preface

A Quick Review of Graphs

PART I Foundations of Economics

Chapter 1 The Four Core Principles of Economics

Chapter 2 Demand and Consumer Choice

Chapter 3 Supply and Producer Choice

Chapter 4 Equilibrium: Where Supply Meets Demand

PART II Analyzing Markets

Chapter 5 Elasticity: Measuring Responsiveness

Chapter 6 Taxes, Price Controls, and Quantity Regulations

Chapter 7 Welfare Economics: Evaluating Market Efficiency
and Market Failure

Chapter 8 Comparative Advantage and Gains from Trade

PART III Applications and Policy Issues

Chapter 9 International Trade

Chapter 10 Externalities and Public Goods

Chapter 11 The Labor Market

Chapter 12 Why Wages Vary: Workers, Jobs, Institutions, and Discrimination

Chapter 13 Inequality, Poverty, and Social Insurance

PART IV Industrial Organization and Business Strategy

Chapter 14 Market Structure and Degrees of Market Power

Chapter 15 Entry, Exit, and Long-Run Profitability

Chapter 16 Price Discrimination and Sophisticated Pricing Strategies

Chapter 17 Economics of Strategic Management

PART V Advanced Decisions

Chapter 18 Game Theory and Strategic Choices

Chapter 19 Decisions Involving Uncertainty

Chapter 20 Decisions Involving Private Information

Appendix: A Deeper Dive Into Consumer Choice: Budget Constraints and Indifference Curves

Glossary

Index

An intuitive decision-making framework based on four key principles is referenced throughout the text and guides students to make better choices in all aspects of their lives.
With an unparalleled presentation of the basics, there are dedicated, full chapters on supply, demand, and equilibrium that walk students patiently through these topics. This aligns with how many instructors already teach – by working through these foundational concepts over several lectures.
A modern approach to Microeconomics integrates the current economic insights into the principles curriculum, with emphasis on empirical data and behavioural economics, labour and personnel economics, industrial organisation, strategic decision making, and information asymmetries.

NEW Appendix on Consumer Choice: A Deeper Dive into Consumer Choice: Budget constraints and Indifference Curves
Updated examples and data on International Trade
Updated examples and data on Elasticity
Updated examples and data on the Labour Market
Updated examples and data on Market Structures
New and updated end of chapter questions, adaptive quiz content, and instructor presentation materials
New Decision Points, Math & Graphing Tutorials and Interactive Graphs

Betsey Stevenson

Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers

Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times, and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

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Image Slides

Image Slides - Appendix

Image Slides - Chapter 01

Image Slides - Chapter 02

Image Slides - Chapter 03

Image Slides - Chapter 04

Image Slides - Chapter 05

Image Slides - Chapter 06

Image Slides - Chapter 07

Image Slides - Chapter 08

Image Slides - Chapter 09

Image Slides - Chapter 10

Image Slides - Chapter 11

Image Slides - Chapter 12

Image Slides - Chapter 13

Image Slides - Chapter 14

Image Slides - Chapter 15

Image Slides - Chapter 16

Image Slides - Chapter 17

Image Slides - Chapter 18

Image Slides - Chapter 19

Image Slides - Chapter 20

Image Slides - Front Matter

Instructor Resource Manual

Instructor's Resource Manual - Chapter 01

Instructor's Resource Manual - Chapter 02

Instructor's Resource Manual - Chapter 03

Instructor's Resource Manual - Chapter 04

Instructor's Resource Manual - Chapter 05

Instructor's Resource Manual - Chapter 06

Instructor's Resource Manual - Chapter 07

Instructor's Resource Manual - Chapter 08

Instructor's Resource Manual - Chapter 09

Instructor's Resource Manual - Chapter 10

Instructor's Resource Manual - Chapter 11

Instructor's Resource Manual - Chapter 12

Instructor's Resource Manual - Chapter 13

Instructor's Resource Manual - Chapter 14

Instructor's Resource Manual - Chapter 15

Instructor's Resource Manual - Chapter 16

Instructor's Resource Manual - Chapter 17

Instructor's Resource Manual - Chapter 18

Instructor's Resource Manual - Chapter 19

Instructor's Resource Manual - Chapter 20

Lecture Slides

Lecture Slides - Chapter 01

Lecture Slides - Chapter 02

Lecture Slides - Chapter 03

Lecture Slides - Chapter 04

Lecture Slides - Chapter 05

Lecture Slides - Chapter 06

Lecture Slides - Chapter 07

Lecture Slides - Chapter 08

Lecture Slides - Chapter 09

Lecture Slides - Chapter 10

Lecture Slides - Chapter 11

Lecture Slides - Chapter 12

Lecture Slides - Chapter 13

Lecture Slides - Chapter 14

Lecture Slides - Chapter 15

Lecture Slides - Chapter 16

Lecture Slides - Chapter 17

Lecture Slides - Chapter 18

Lecture Slides - Chapter 19

Lecture Slides - Chapter 20

Solutions Manual

Solutions Manual - Chapter 01

Solutions Manual - Chapter 02

Solutions Manual - Chapter 03

Solutions Manual - Chapter 04

Solutions Manual - Chapter 05

Solutions Manual - Chapter 06

Solutions Manual - Chapter 07

Solutions Manual - Chapter 08

Solutions Manual - Chapter 09

Solutions Manual - Chapter 10

Solutions Manual - Chapter 11

Solutions Manual - Chapter 12

Solutions Manual - Chapter 13

Solutions Manual - Chapter 14

Solutions Manual - Chapter 15

Solutions Manual - Chapter 16

Solutions Manual - Chapter 17

Solutions Manual - Chapter 18

Solutions Manual - Chapter 19

Solutions Manual - Chapter 20

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Principles of Microeconomics

Third Edition

Publication Date: February 10, 2026

Paperback ISBN: 9781319615734

Every Decision is an Economic Decision

Betsey Stevenson

Justin Wolfers

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Principles of Microeconomics

Author(s): Betsey Stevenson; Justin Wolfers Third Edition ©2026 Publication Date: February 10, 2026 Paperback ISBN: 9781319615734

Every Decision is an Economic Decision

Every Decision is an Economic Decision

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Third Edition

Publication Date: February 10, 2026

Paperback ISBN: 9781319615734