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Solutions for Chapter Module 8: Supply and Demand: Price Controls (Ceilings and Floors)

Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition

ISBN: 9781464122187

Solutions for Chapter Module 8: Supply and Demand: Price Controls (Ceilings and Floors)

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 5 problems in chapter Module 8: Supply and Demand: Price Controls (Ceilings and Floors) have been answered, more than 9866 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 8: Supply and Demand: Price Controls (Ceilings and Floors) includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • 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

  • deadweight loss

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • imports

    goods produced abroad and sold domestically

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • 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

  • public saving

    the tax revenue that the government has left after paying for its spending

  • signaling

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

  • 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

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

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