- Module 74.1: Wastewater runoff from large poultry farms adversely affects reside...
- Module 74.2: According to Yasmin, any student who borrows a book from the univer...
- Module 74.3: Inefficiencies created by externalities can be dealt with through a...
- Module 74.4: The Coase theorem asserts that, under the right circumstances, inef...
- Module 74.5: Which of the following makes it more likely that private solutions ...
Solutions for Chapter Module 74: Introduction to Externalities
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
a certificate of indebtedness
the process by which unions and firms agree on the terms of employment
a table that shows the relationship between the price of a good and the quantity demanded
the property of society getting the most it can from its scarce resources
input costs that require an outlay of money by the firm
a person who receives the benefit of a good but avoids paying for it
gross domestic product (GDP)
the market value of all final goods and services produced within a country in a given period of time
something that induces a person to act
law of supply
the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises
a tax that is the same amount for every person
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
negative income tax
a tax system that collects revenue from high-income households and gives subsidies to lowincome households
two goods with straight-line indifference curves
the stock of equipment and structures that are used to produce goods and services
the amount a seller is paid for a good minus the seller’s cost of providing it
the amount of a good that sellers are willing and able to sell
a dislike of uncertainty
government policy aimed at protecting people against the risk of adverse events
tax on goods produced abroad and sold domestically
the manner in which the burden of a tax is shared among participants in a market