- 7.1: What determines the difference between one market structure and ano...
- 7.2: Why is perfect competition not found in real markets?
- 7.3: How does a monopoly control the price of its product?
- 7.4: Name three ways in which a monopoly differs from perfect competition.
- 7.5: Why is product differentiation necessary for monopolistic competition?
- 7.6: Why are firms in an oligopoly less independent in setting prices th...
- 7.7: What factors does the government consider in deciding whether to ap...
- 7.8: Why do economists generally favor deregulation of most industries?
- 7.9: Look at the table below showing retail sales. Which retail market i...
- 7.10: Look at the table below showing retail sales. Which markets are clo...
- 7.11: Applying Economic Concepts In 2004, a new trend started in the mark...
- 7.12: Analyzing Causes and Effects After deregulation of the airline indu...
- 7.13: Making Inferences The company that invented the first xerographic p...
- 7.14: Drawing Conclusions An herbal supplement company claimed that its p...
- 7.15: Challenge Why might a local electric company be in favor of regulat...
Solutions for Chapter 7: Market Structures
Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition
an increase in the value of a currency as measured by the amount of foreign currency it can buy
money that takes the form of a commodity with intrinsic value
constant returns to scale
The property whereby long-run average total cost stays the same as the quantity of output changes
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
the price that balances quantity supplied and quantity demanded
the uncompensated impact of one person’s actions on the wellbeing of a bystander
the group of institutions in the economy that help to match one person’s saving with another person’s investment
input costs that do not require an outlay of money by the firm
an increase in the overall level of prices in the economy
labor-force participation rate
the percentage of the adult population that is in the labor force
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
a good for which, other things being equal, an increase in income leads to an increase in demand
claims that attempt to prescribe how the world should be
two goods with straight-line indifference curves
a person’s normal income
a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
the amount a seller is paid for a good minus the seller’s cost of providing it
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
the quantity of goods and services produced from each unit of labor input
total revenue minus total cost