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Solutions for Chapter 11: Labor Markets

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 11: Labor Markets

This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. Chapter 11: Labor Markets includes 10 full step-by-step solutions. Since 10 problems in chapter 11: Labor Markets have been answered, more than 2620 students have viewed full step-by-step solutions from this chapter. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • accounting profit

    total revenue minus total explicit cost

  • budget surplus

    an excess of tax revenue over government spending

  • capital

    the equipment and structures used to produce goods and services

  • club goods

    goods that are excludable but not rival in consumption

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • common resources

    goods that are rival in consumption but not excludable

  • compounding

    the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • horizontal equity

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

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • 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

  • money supply

    the quantity of money available in the economy

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • variable costs

    costs that vary with the quantity of output produced