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> > 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 1308 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
  • capital

    the equipment and structures used to produce goods and services

  • capital

    the equipment and structures used to produce goods and services

  • competitive market

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

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • consumer surplus

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

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • economic profit

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

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • game theory

    the study of how people behave in strategic situations

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal cost

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

  • marginal rate of substitution

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

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • menu costs

    the costs of changing prices

  • public goods

    goods that are neither excludable nor rival in consumption

  • stagflation

    a period of falling output and rising prices

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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