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Solutions for Chapter 7: Business Organizations

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 7: Business Organizations

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. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. Since 10 problems in chapter 7: Business Organizations have been answered, more than 2111 students have viewed full step-by-step solutions from this chapter. Chapter 7: Business Organizations includes 10 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • average tax rate

    total taxes paid divided by total income

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • currency

    the paper bills and coins in the hands of the public

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • horizontal equity

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

  • law of supply

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

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • price elasticity of supply

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

  • profit

    total revenue minus total cost

  • signaling

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

  • signaling

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

  • substitutes

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

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • utility

    a measure of happiness or satisfaction

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