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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 10777 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
  • bond

    a certificate of indebtedness

  • collective bargaining

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

  • demand schedule

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

  • efficiency

    the property of society getting the most it can from its scarce resources

  • explicit costs

    input costs that require an outlay of money by the firm

  • free rider

    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

  • incentive

    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

  • lump-sum tax

    a tax that is the same amount for every person

  • 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

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • perfect substitutes

    two goods with straight-line indifference curves

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • risk aversion

    a dislike of uncertainty

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • tariff

    tax on goods produced abroad and sold domestically

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

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