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Textbooks / Business / Krugman's Macroeconomics for AP* 1

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 2685 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
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • cartel

    a group of firms acting in unison

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • incentive

    something that induces a person to act

  • indifference curve

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

  • libertarianism

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

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market

    a group of buyers and sellers of a particular good or service

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • monopoly

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

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • world price

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

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