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Solutions for Chapter 7: Market Structures

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 7: Market Structures

Chapter 7: Market Structures includes 15 full step-by-step solutions. This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions. Since 15 problems in chapter 7: Market Structures have been answered, more than 5771 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.

Key Business Terms and definitions covered in this textbook
  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • commodity money

    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

  • consumer surplus

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

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • inflation

    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

  • 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”

  • normal good

    a good for which, other things being equal, an increase in income leads to an increase in demand

  • normative statements

    claims that attempt to prescribe how the world should be

  • perfect substitutes

    two goods with straight-line indifference curves

  • permanent income

    a person’s normal income

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • producer surplus

    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

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • profit

    total revenue minus total cost

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