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Krugman's Macroeconomics for AP* 1st Edition - Solutions by Chapter

Krugman's Macroeconomics for AP* | 1st Edition | ISBN: 9781429257305 | Authors: Margaret Ray, David A. Anderson

Full solutions for Krugman's Macroeconomics for AP* | 1st Edition

ISBN: 9781429257305

Krugman's Macroeconomics for AP* | 1st Edition | ISBN: 9781429257305 | Authors: Margaret Ray, David A. Anderson

Krugman's Macroeconomics for AP* | 1st Edition - Solutions by Chapter

This expansive textbook survival guide covers the following chapters: 8. This textbook survival guide was created for the textbook: Krugman's Macroeconomics for AP*, edition: 1. The full step-by-step solution to problem in Krugman's Macroeconomics for AP* were answered by , our top Business solution expert on 01/30/18, 03:18PM. Since problems from 8 chapters in Krugman's Macroeconomics for AP* have been answered, more than 1131 students have viewed full step-by-step answer. Krugman's Macroeconomics for AP* was written by and is associated to the ISBN: 9781429257305.

Key Business Terms and definitions covered in this textbook
  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • competitive market

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

  • crowding out

    a decrease in investment that results from government borrowing

  • diversification

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

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • game theory

    the study of how people behave in strategic situations

  • imports

    goods produced abroad and sold domestically

  • incentive

    something that induces a person to act

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • marginal cost

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

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