Solutions for Chapter Module 58: Introduction to Perfect Competition

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

ISBN: 9781464122187

Solutions for Chapter Module 58: Introduction to Perfect Competition

Since 5 problems in chapter Module 58: Introduction to Perfect Competition have been answered, more than 3265 students have viewed full step-by-step solutions from this chapter. 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 58: Introduction to Perfect Competition includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

Key Business Terms and definitions covered in this textbook
  • adverse selection

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

  • dominant strategy

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

  • excludability

    the property of a good whereby a person can be prevented from using it

  • factors of production

    the inputs used to produce goods and services

  • government purchases

    spending on goods and services by local, state, and federal governments

  • imports

    goods produced abroad and sold domestically

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • marginal product

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

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • moral hazard

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

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • political economy

    the study of government using the analytic methods of economics

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • random walk

    the path of a variable whose changes are impossible to predict

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • 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 curve

    a graph of the relationship between the price of a good and the quantity supplied

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

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