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Solutions for Chapter Module 32: Money, Output, and Prices in the Long Run

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

ISBN: 9781464122187

Solutions for Chapter Module 32: Money, Output, and Prices in the Long Run

This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 32: Money, Output, and Prices in the Long Run have been answered, more than 8308 students have viewed full step-by-step solutions from this chapter. Chapter Module 32: Money, Output, and Prices in the Long Run includes 5 full step-by-step 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

  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • average variable cost

    variable cost divided by the quantity of output

  • dominant strategy

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

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • monopolistic competition

    the quantity of money available in the economy

  • open economy

    an economy that interacts freely with other economies around the world

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • positive statements

    claims that attempt to describe the world as it is

  • 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

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • risk aversion

    a dislike of uncertainty

  • scarcity

    the limited nature of society’s resources

  • stock

    a claim to partial ownership in a firm

  • 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

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • 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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