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Solutions for Chapter Module 60 : Long-Run Outcomes in Perfect Competition

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

ISBN: 9781464122187

Solutions for Chapter Module 60 : Long-Run Outcomes in Perfect Competition

Chapter Module 60 : Long-Run Outcomes in Perfect Competition includes 5 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 5 problems in chapter Module 60 : Long-Run Outcomes in Perfect Competition have been answered, more than 9877 students have viewed full step-by-step solutions from this chapter. 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.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • average total cost

    total cost divided by the quantity of output

  • average variable cost

    variable cost divided by the quantity of output

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • Giffen good

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

  • income effect

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

  • law of demand

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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal product

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

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • perfect substitutes

    two goods with straight-line indifference curves

  • Phillips curve

    a curve that shows the short-run trade-off between inflation and unemployment

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • 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

  • principal

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

  • public goods

    goods that are neither excludable nor rival in consumption

  • real interest rate

    the interest rate corrected for the effects of inflation

  • 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

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