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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 8200 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

  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • bank capital

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

  • capital

    the equipment and structures used to produce goods and services

  • demand schedule

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • excludability

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

  • exports

    goods produced domestically and sold abroad

  • imports

    goods produced abroad and sold domestically

  • inflation

    an increase in the overall level of prices in the economy

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • price ceiling

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

  • principal

    a person for whom another person, called the agent, is performing some act

  • productivity

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

  • profit

    total revenue minus total cost

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • 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

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

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