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Solutions for Chapter Module 74: Introduction to Externalities

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

ISBN: 9781464122187

Solutions for Chapter Module 74: Introduction to Externalities

Chapter Module 74: Introduction to Externalities 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. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Since 5 problems in chapter Module 74: Introduction to Externalities have been answered, more than 4156 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • average fixed cost

    fixed cost divided by the quantity of output

  • business cycle

    fluctuations in economic activity, such as employment and production

  • club goods

    goods that are excludable but not rival in consumption

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • diseconomies of scale

    the property whereby long-run average total cost rises as the quantity of output increases

  • equilibrium

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

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • fixed costs

    costs that do not vary with the quantity of output produced

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • life cycle

    the regular pattern of income variation over a person’s life

  • nominal GDP

    the production of goods and services valued at current prices

  • normative statements

    claims that attempt to prescribe how the world should be

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • strike

    the organized withdrawal of labor from a firm by a union

  • supply schedule

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

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