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Solutions for Chapter 8: Types of Business Organizations

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 8: Types of Business Organizations

This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. Chapter 8: Types of Business Organizations includes 14 full step-by-step solutions. Since 14 problems in chapter 8: Types of Business Organizations have been answered, more than 5806 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. 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
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average total cost

    total cost divided by the quantity of output

  • average variable cost

    variable cost divided by the quantity of output

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • excludability

    the property of a good whereby a person can be prevented from using it

  • incentive

    something that induces a person to act

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal cost

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

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • nominal GDP

    the production of goods and services valued at current prices

  • normal good

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

  • opportunity cost

    whatever must be given up to obtain some item

  • Phillips curve

    a curve that shows the short-run trade-off between inflation and unemployment

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • social insurance

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • variable costs

    costs that vary with the quantity of output produced