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Solutions for Chapter section 11 : Market Structures: Perfect Competition and Monopoly

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

ISBN: 9781429218276

Solutions for Chapter section 11 : Market Structures: Perfect Competition and Monopoly

Solutions for Chapter section 11
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Textbook: Krugman's Economics for AP*
Edition: 2
Author: Margaret Ray, David A. Anderson
ISBN: 9781429218276

Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Chapter section 11 : Market Structures: Perfect Competition and Monopoly includes 20 full step-by-step solutions. Since 20 problems in chapter section 11 : Market Structures: Perfect Competition and Monopoly have been answered, more than 13144 students have viewed full step-by-step solutions from this chapter. 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.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • constant returns to scale

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

  • cost

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

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • 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

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • 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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • normal good

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

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • utility

    a measure of happiness or satisfaction

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