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Solutions for Chapter Module 69 : Introduction and Factor Demand

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

ISBN: 9781429218276

Solutions for Chapter Module 69 : Introduction and Factor Demand

Since 5 problems in chapter Module 69 : Introduction and Factor Demand have been answered, more than 13092 students have viewed full step-by-step solutions from this chapter. Chapter Module 69 : Introduction and Factor Demand includes 5 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • business cycle

    fluctuations in economic activity, such as employment and production

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • common resources

    goods that are rival in consumption but not excludable

  • compensating differential

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

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • diseconomies of scal

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

  • excludability

    the property of a good whereby a person can be prevented from using it

  • inferior good

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

  • inflation tax

    the revenue the government raises by creating money

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market failure

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

  • normal good

    a good for which, other things being equal, an increase in

  • 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

  • price elasticity of demand

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

  • price floor

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

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • sunk cost

    a cost that has already been committed and cannot be recovered

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