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Solutions for Chapter Module 34 : Inflation and Unemployment: The Phillips Curve

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

ISBN: 9781429218276

Solutions for Chapter Module 34 : Inflation and Unemployment: The Phillips Curve

Since 5 problems in chapter Module 34 : Inflation and Unemployment: The Phillips Curve have been answered, more than 13133 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Module 34 : Inflation and Unemployment: The Phillips Curve includes 5 full step-by-step solutions. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2.

Key Business Terms and definitions covered in this textbook
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • business cycle

    fluctuations in economic activity, such as employment and production

  • 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

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • efficient scale

    the quantity of output that minimizes average total cost

  • free rider

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

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • marginal change

    a small incremental adjustment to a plan of action

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • market risk

    isk that affects all companies in the stock market

  • price discrimination

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

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • public goods

    goods that are neither excludable nor rival in consumption

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • world price

    the price of a good that prevails in the world market for that good

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