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Solutions for Chapter Section 4 : The Economists Toolbox

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition

ISBN: 9780618594030

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Solutions for Chapter Section 4 : The Economists Toolbox

This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. Chapter Section 4 : The Economists Toolbox includes 10 full step-by-step solutions. Economics: Concepts and Choices: Student Edition 2008 was written by and is associated to the ISBN: 9780618594030. Since 10 problems in chapter Section 4 : The Economists Toolbox have been answered, more than 4882 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average total cost

    total cost divided by the quantity of output

  • balanced trade

    a situation in which exports equal imports

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • consumer surplus

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

  • discouraged workers

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • libertarianism

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

  • marginal cost

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • normal good

    a good for which, other things being equal, an increase in

  • normative statements

    claims that attempt to prescribe how the world should be

  • 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

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • variable costs

    costs that vary with the quantity of output produced

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