Solutions for Chapter Module 76: Public Goods

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

ISBN: 9781464122187

Solutions for Chapter Module 76: Public Goods

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 5 problems in chapter Module 76: Public Goods have been answered, more than 3302 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 76: Public Goods includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • agent

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

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • demand curve

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

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • elasticity

    the quantity of output that minimizes average total cost

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • inflation

    an increase in the overall level of prices in the economy

  • labor force

    the total number of workers, including both the employed and the unemployed

  • opportunity cost

    whatever must be given up to obtain some item

  • price floor

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

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • production function

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

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • total cost

    the market value of the inputs a firm uses in production

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • trade surplus

    an excess of exports over imports

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