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Solutions for Chapter 6: Prices and Quantities: Putting Supply and Demand Together

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 6: Prices and Quantities: Putting Supply and Demand Together

Explorations in Economics was written by and is associated to the ISBN: 9780716701071. Chapter 6: Prices and Quantities: Putting Supply and Demand Together includes 10 full step-by-step solutions. Since 10 problems in chapter 6: Prices and Quantities: Putting Supply and Demand Together have been answered, more than 2420 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • crowding out

    a decrease in investment that results from government borrowing

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • efficiency

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

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • inflation

    an increase in the overall level of prices in the economy

  • law of supply

    the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises

  • libertarianism

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

  • nominal GDP

    the production of goods and services valued at current prices

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • opportunity cost

    whatever must be given up to obtain some item

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • production possibilities frontier

    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

  • real variables

    variables measured in physical units

  • reserves

    deposits that banks have received but have not loaned out

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

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