Contemporary Economics 2nd Edition - Solutions by Chapter

total revenue divided by the quantity sold

total cost divided by the quantity of output

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

a strategy that is best for a player in a game regardless of the strategies chosen by the other players

the amount of money in the future that an amount of money today will yield, given prevailing interest rates

the study of how people behave in strategic situations

the process by which workers find appropriate jobs given their tastes and skills

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

an item that buyers give to sellers when they want to purchase goods and services

a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

the relationship between quantity of inputs used to make a good and the quantity of output of that good

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 path of a variable whose changes are impossible to predict

the fraction of deposits that banks hold as reserves

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

the organized withdrawal of labor from a firm by a union

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

a table that shows the relationship between the price of a good and the quantity supplied

the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold