- 5.1: What two requirements of supply must someone meet to be considered ...
- 5.2: What does it mean to say that quantity supplied and price have a di...
- 5.3: How does marginal product change during the three stages of product...
- 5.4: What is the relationship of total costs to profit?
- 5.5: What is the difference between change in quantity supplied and chan...
- 5.6: How do input costs affect supply?
- 5.7: How are elastic and inelastic supply different?
- 5.8: How might you calculate elasticity of supply?
- 5.9: Look at the graph below showing price changes for two commodities: ...
- 5.10: Look at the graph below showing price changes for two commodities: ...
- 5.11: Analyzing Data Suppose that you own a factory producing backpacks t...
- 5.12: Analyzing Effects A city puts a new rule into effect about the kind...
- 5.13: Drawing Conclusions Both demand and supply for gasoline are inelast...
- 5.14: Challenge When a string of hurricanes hit Florida, preparation for ...
Solutions for Chapter 5: Supply
Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition
average tax rate
total taxes paid divided by total income
an agreement among firms in a market about quantities to produce or prices to charge
individuals who would like to work but have given up looking for a job
the property of society getting the most it can from its scarce resources
efficient markets hypothesis
the theory that asset prices reflect all publicly available information about the value of an asset
the quantity of output that minimizes average total cost
transfers to the poor given in the form of goods and services rather than cash
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
law of demand
the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
law of supply and demand
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
the increase in output that arises from an additional unit of input
marginal product of labor
the increase in the amount of output from an additional unit of labor
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
government policy aimed at protecting people against the risk of adverse events
two goods for which an increase in the price of one leads to an increase in the demand for the other
an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve
a situation in which quantity supplied is greater than quantity demanded
an excess of exports over imports
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society