Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Already have an account? Login here
Reset your password

Textbooks / Business / Principles of Microeconomics 3

Principles of Microeconomics 3rd Edition Solutions

Do I need to buy Principles of Microeconomics | 3rd Edition to pass the class?

ISBN: 9781524968939

Principles of Microeconomics | 3rd Edition - Solutions by Chapter

Do I need to buy this book?
1 Review

75% of students who have bought this book said that they did not need the hard copy to pass the class. Were they right? Add what you think:

Principles of Microeconomics 3rd Edition Student Assesment

Esta from Florida International University said

"If I knew then what I knew now I would not have bought the book. It was over priced and My professor only used it a few times."

Textbook: Principles of Microeconomics
Edition: 3
ISBN: 9781524968939

Since problems from 0 chapters in Principles of Microeconomics have been answered, more than 200 students have viewed full step-by-step answer. The full step-by-step solution to problem in Principles of Microeconomics were answered by , our top Business solution expert on 10/03/18, 06:29PM. This textbook survival guide was created for the textbook: Principles of Microeconomics, edition: 3. This expansive textbook survival guide covers the following chapters: 0. Principles of Microeconomics was written by and is associated to the ISBN: 9781524968939.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • cartel

    a group of firms acting in unison

  • cost

    the value of everything a seller must give up to produce a good

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • monopolistic competition

    the quantity of money available in the economy

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • welfare economics

    the study of how the allocation of resources affects economic well-being