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Solutions for Chapter Module 75 : Externalities and Public Policy

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

ISBN: 9781464122187

Solutions for Chapter Module 75 : Externalities and Public Policy

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. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 75 : Externalities and Public Policy have been answered, more than 8289 students have viewed full step-by-step solutions from this chapter. Chapter Module 75 : Externalities and Public Policy includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • common resources

    goods that are rival in consumption but not excludable

  • cost

    the value of everything a seller must give up to produce a good

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • economies of scale

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

  • efficiency

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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • factors of production

    the inputs used to produce goods and services

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • inferior good

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

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • 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

  • monetary policy

    the setting of the money supply by policymakers in the central bank

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • normal good

    a good for which, other things being equal, an increase in

  • normative statements

    claims that attempt to prescribe how the world should be

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • scarcity

    the limited nature of society’s resources

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • tariff

    tax on goods produced abroad and sold domestically

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