- Module 71 .1: Formerly, Clive was free to work as many or as few hours per week a...
- Module 71 .2: Explain in terms of the income and substitution effects how a fall ...
- Module 71 .3: Which of the following will shift the supply curve for labor to the...
- Module 71 .4: An increase in the wage rate will a. shift the labor supply curve t...
- Module 71 .5: The factor demand curve for a firm in an imperfectly competitive fa...
Solutions for Chapter Module 71 : The Market for Labor
Full solutions for Krugman's Economics for AP* | 2nd Edition
the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
money that takes the form of a commodity with intrinsic value
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases
the property of distributing economic prosperity uniformly among the members of society
input costs that require an outlay of money by the firm
costs that do not vary with the quantity of output produced
a person who receives the benefit of a good but avoids paying for it
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
a good for which an increase in the price raises the quantity demanded
the change in total revenue from an additional unit sold
the set of assets in an economy that people regularly use to buy goods and services from other peopl
two goods with straight-line indifference curves
total revenue minus total cost
a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries
the theory that people optimally use all the information they have, including information about government policies, when forecasting the future
deposits that banks have received but have not loaned out
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
two goods for which an increase in the price of one leads to an increase in the demand for the other