Employment Law: A Guide to Hiring, Managing, and Firing for Employers and Employees 3rd Edition Solutions

a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

the resources a bank’s owners have put into the institution

a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

total revenue minus total cost, including both explicit and implicit costs

the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

the inputs used to produce goods and services

the interest rate at which banks make overnight loans to one another

the ratio of assets to bank capital

the increase in total cost that arises from an extra unit of production

the change in total revenue from an additional unit sold

the quantity of money available in the economy

an economy that interacts freely with other economies around the world

an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

goods that are neither excludable nor rival in consumption

people who systematically and purposefully do the best they can to achieve their objectives

the production of goods and services valued at constant prices

the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

the price of a good that prevails in the world market for that good