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Solutions for Chapter Section 13: Factor Markets

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

ISBN: 9781464122187

Solutions for Chapter Section 13: Factor Markets

Solutions for Chapter Section 13
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Chapter Section 13: Factor Markets includes 24 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 24 problems in chapter Section 13: Factor Markets have been answered, more than 10948 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • aggregate-supply curve

    a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

  • budget surplus

    an excess of government receipts over government spending

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • equilibrium

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

  • factors of production

    the inputs used to produce goods and services

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • firm-specific risk

    risk that affects only a single company

  • fixed costs

    costs that do not vary with the quantity of output produced

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • 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

  • market risk

    isk that affects all companies in the stock market

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • natural resources

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

  • price ceiling

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

  • price ceiling

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

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • 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

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