- Module 76.1: For each of the following goods, indicate whether it is excludable,...
- Module 76.2: Which of the goods in Question 1 will be provided by a private prod...
- Module 76.3: Public goods are sometimes provided through which of the following ...
- Module 76.4: Market provision of a public good will lead to a. the efficient qua...
- Module 76.5: The overuse of a common resource can be reduced by which of the fol...
Solutions for Chapter Module 76: Public Goods
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
a person who is performing an act for another person, called the principal
the ability to produce a good at a lower opportunity cost than another producer
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
the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics
the quantity of output that minimizes average total cost
transfers to the poor given in the form of goods and services rather than cash
an increase in the overall level of prices in the economy
the total number of workers, including both the employed and the unemployed
whatever must be given up to obtain some item
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
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
the resources wasted when inflation encourages people to reduce their money holdings
a cost that has already been committed and cannot be recovered
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
an excess of exports over imports