- Module 70 .1: Explain how each of the following events would affect the equilibri...
- Module 70 .2: Explain the following statement: When firms in different industries...
- Module 70 .3: The explicit cost of land you dont own is equal to the a. rental ra...
- Module 70 .4: A firm will continue to employ more land until its marginal revenue...
- Module 70 .5: According to the marginal productivity theory of income distributio...
Solutions for Chapter Module 70 : The Markets for Land and Capital
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
the resources a bank’s owners have put into the institution
the equipment and structures used to produce goods and services
a visual model of the economy that shows how dollars flow through markets among households and firms
the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics
money without intrinsic value that is used as money because of government decree
costs that do not vary with the quantity of output produced
transfers to the poor given in the form of goods and services rather than cash
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
internalizing the externality
altering incentives so that people take account of the external effects of their actions
the use of borrowed money to supplement existing funds for purposes of investment
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
the change in total revenue from an additional unit sold
a firm that is the sole seller of a product without close substitutes
two goods with right-angle indifference curves
the ability of an individual to own and exercise control over scarce resources
the organized withdrawal of labor from a firm by a union
tax on goods produced abroad and sold domestically
total revenue (for a firm)
the amount a firm receives for the sale of its output
the percentage of the labor force that is unemployed
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society