Solutions for Chapter Module 57: Introduction to Market Structure

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

ISBN: 9781464122187

Solutions for Chapter Module 57: Introduction to Market Structure

Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. 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. Chapter Module 57: Introduction to Market Structure includes 5 full step-by-step solutions. Since 5 problems in chapter Module 57: Introduction to Market Structure have been answered, more than 3402 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • deadweight loss

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

  • efficient scale

    the quantity of output that minimizes average total cost

  • explicit costs

    input costs that require an outlay of money by the firm

  • factors of production

    the inputs used to produce goods and services

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • inferior good

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

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal product

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

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • normative statements

    claims that attempt to prescribe how the world should be

  • permanent income

    a person’s normal income

  • shoe-leather cost

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

  • 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

  • tariff

    tax on goods produced abroad and sold domestically

  • trade surplus

    an excess of exports over imports

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