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Solutions for Chapter Module 57 : Introduction to Market Structure

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

ISBN: 9781429218276

Solutions for Chapter Module 57 : Introduction to Market Structure

Since 5 problems in chapter Module 57 : Introduction to Market Structure have been answered, more than 10252 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Chapter Module 57 : Introduction to Market Structure includes 5 full step-by-step solutions. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276.

Key Business Terms and definitions covered in this textbook
  • common resources

    goods that are rival in consumption but not excludable

  • constant returns to scale

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • cost

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

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • fixed costs

    costs that do not vary with the quantity of output produced

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • normal good

    a good for which, other things being equal, an increase in income leads to an increase in demand

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • 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

  • random walk

    the path of a variable whose changes are impossible to predict

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • theory of liquidity preference

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

  • total cost

    the market value of the inputs a firm uses in production

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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