Solutions for Chapter Section 2: Supply and Demand

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

ISBN: 9781464122187

Solutions for Chapter Section 2: Supply and Demand

Solutions for Chapter Section 2
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Chapter Section 2: Supply and Demand includes 25 full step-by-step solutions. Since 25 problems in chapter Section 2: Supply and Demand have been answered, more than 3331 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. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2.

Key Business Terms and definitions covered in this textbook
  • accounting profit

    total revenue minus total explicit cost

  • 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

  • bank capital

    the resources a bank’s owners have put into the institution

  • club goods

    goods that are excludable but not rival in consumption

  • 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

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • deadweight loss

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

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • efficient scale

    the quantity of output that minimizes average total cost

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • exports

    goods produced domestically and sold abroad

  • fixed costs

    costs that do not vary with the quantity of output produced

  • permanent income

    a person’s normal income

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • scarcity

    the limited nature of society’s resources

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

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