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Solutions for Chapter 8: A Perfectly Competitive Market

Full solutions for Economics New Ways of Thinking | 1st Edition

ISBN: 9780821934012

Solutions for Chapter 8: A Perfectly Competitive Market

Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012. Chapter 8: A Perfectly Competitive Market includes 11 full step-by-step solutions. Since 11 problems in chapter 8: A Perfectly Competitive Market have been answered, more than 640 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • average variable cost

    variable cost divided by the quantity of output

  • constant returns to scale

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

  • currency

    the paper bills and coins in the hands of the public

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • inflation tax

    the revenue the government raises by creating money

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • marginal product

    the increase in output that arises from an additional unit of input

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • opportunity cost

    whatever must be given up to obtain some item

  • opportunity cost

    whatever must be given up to obtain some item

  • perfect complements

    two goods with right-angle indifference curves

  • scarcity

    the limited nature of society’s resources

  • screening

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

  • stagflation

    a period of falling output and rising prices

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitutes

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

  • value of the marginal product

    the marginal product of an input times the price of the output

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