Solutions for Chapter Module 19: Equilibrium in the Aggregate DemandAggregate Supply Model

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

ISBN: 9781464122187

Solutions for Chapter Module 19: Equilibrium in the Aggregate DemandAggregate Supply Model

Chapter Module 19: Equilibrium in the Aggregate DemandAggregate Supply Model includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Since 5 problems in chapter Module 19: Equilibrium in the Aggregate DemandAggregate Supply Model have been answered, more than 3239 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • bank capital

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

  • budget surplus

    an excess of tax revenue over government spending

  • consumer price index (CPI)

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • elasticity

    the quantity of output that minimizes average total cost

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • inferior good

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

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • marginal product

    the increase in output that arises from an additional unit of input

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • monopolistic competition

    the quantity of money available in the economy

  • moral hazard

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

  • perfect complements

    two goods with right-angle indifference curves

  • price floor

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

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • reserves

    deposits that banks have received but have not loaned out

  • tariff

    tax on goods produced abroad and sold domestically

  • trade surplus

    an excess of exports over imports

  • world price

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

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