Microeconomics has become a market leader because Perloff presents theory in the context of real, data-driven examples, and then develops intuition through his hallmark Solved Problems. Students gain a practical perspective, seeing how models connect to real-world decisions being made in today’s firms and policy debates. The Seventh Edition is substantially updated and modified based on the extremely helpful suggestions of faculty and students who used the first six editions. Every chapter is thoroughly revised and includes new or updated examples and applications. Salient Features NEW! Challenges : Each chapter begins with a Challenge that presents information about an important, current real-world issue and concludes with a series of questions about that material. At the end of the chapter, a Challenge Solution answers these questions using methods presented in that chapter. All the Challenges and almost all the examples and Applications throughout the book are updated or new. NEW!