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Textbooks > Business > Explorations in Economics 1

Explorations in Economics 1st Edition - Solutions by Chapter

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Explorations in Economics | 1st Edition - Solutions by Chapter

Since problems from 19 chapters in Explorations in Economics have been answered, more than 1140 students have viewed full step-by-step answer. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. This expansive textbook survival guide covers the following chapters: 19. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. The full step-by-step solution to problem in Explorations in Economics were answered by , our top Business solution expert on 03/14/18, 04:58PM.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • average fixed cost

    fixed cost divided by the quantity of output

  • cartel

    a group of firms acting in unison

  • club goods

    goods that are excludable but not rival in consumption

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • demand curve

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

  • efficiency

    the property of society getting the most it can from its scarce resources

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • marginal product

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • Nash equilibrium

    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

  • perfect substitutes

    two goods with straight-line indifference curves

  • strike

    the organized withdrawal of labor from a firm by a union

  • supply curve

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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • variable costs

    costs that vary with the quantity of output produced

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