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Solutions for Chapter 4: Demand

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 4: Demand

Chapter 4: Demand includes 13 full step-by-step solutions. Since 13 problems in chapter 4: Demand have been answered, more than 4428 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. Economics: Concepts and Choices: Student Edition 2008 was written by and is associated to the ISBN: 9780618594030. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • bank capital

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

  • business cycle

    fluctuations in economic activity, such as employment and production

  • competitive market

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

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • efficient scale

    the quantity of output that minimizes average total cost

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • 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

  • marginal cost

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

  • 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

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • permanent income

    a person’s normal income

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • progressive tax

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

  • risk aversion

    a dislike of uncertainty

  • stagflation

    a period of falling output and rising prices

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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