×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 20: Consumer Responsibilities and Protections

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Solutions for Chapter 20: Consumer Responsibilities and Protections

Solutions for Chapter 20
4 5 0 368 Reviews
22
3
Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 20: Consumer Responsibilities and Protections includes 35 full step-by-step solutions. Contemporary Economics was written by and is associated to the ISBN: 9780538444958. Since 35 problems in chapter 20: Consumer Responsibilities and Protections have been answered, more than 4935 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • average total cost

    total cost divided by the quantity of output

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • club goods

    goods that are excludable but not rival in consumption

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • demand schedule

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

  • dominant strategy

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

  • externality

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

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inferior good

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

  • job search

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

  • leverage ratio

    the ratio of assets to bank capital

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • permanent income

    a person’s normal income

  • price floor

    a legal minimum on the price at which a good can be sold

  • strike

    the organized withdrawal of labor from a firm by a union

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password