Solutions for Chapter Module 9: Supply and Demand: Quantity Controls

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

ISBN: 9781464122187

Solutions for Chapter Module 9: Supply and Demand: Quantity Controls

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® (High School), edition: 2. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 9: Supply and Demand: Quantity Controls includes 5 full step-by-step solutions. Since 5 problems in chapter Module 9: Supply and Demand: Quantity Controls have been answered, more than 3400 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • 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

  • crowding out

    a decrease in investment that results from government borrowing

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • explicit costs

    input costs that require an outlay of money by the firm

  • inflation rate

    the percentage change in the price index from the preceding period

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • life cycle

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

  • market risk

    isk that affects all companies in the stock market

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • open economy

    an economy that interacts freely with other economies around the world

  • principal

    a person for whom another person, called the agent, is performing some act

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • signaling

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • value of the marginal product

    the marginal product of an input times the price of the output

  • world price

    the price of a good that prevails in the world market for that good

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