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Solutions for Chapter 5: Supply

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 5: Supply

This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. Since 14 problems in chapter 5: Supply have been answered, more than 5389 students have viewed full step-by-step solutions from this chapter. 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. Chapter 5: Supply includes 14 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • collusion

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

  • discouraged workers

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

  • efficiency

    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

  • elasticity

    the quantity of output that minimizes average total cost

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • income effect

    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

  • 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 product

    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

  • social insurance

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

  • substitutes

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

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • trade surplus

    an excess of exports over imports

  • utilitarianism

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

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