Solutions for Chapter Module 18 : Aggregate Supply: Introduction and Determinants

Full solutions for Krugman's Economics for AP* | 2nd Edition

ISBN: 9781429218276

Solutions for Chapter Module 18 : Aggregate Supply: Introduction and Determinants

This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 18 : Aggregate Supply: Introduction and Determinants have been answered, more than 2260 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Chapter Module 18 : Aggregate Supply: Introduction and Determinants includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • collective bargaining

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

  • cost

    the value of everything a seller must give up to produce a good

  • equilibrium

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

  • law of supply

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • money supply

    the quantity of money available in the economy

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • principal

    a person for whom another person, called the agent, is performing some act

  • production function

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

  • reserves

    deposits that banks have received but have not loaned out

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • supply curve

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

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

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