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Solutions for Chapter Module C : The Economics of Information

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

ISBN: 9781464122187

Solutions for Chapter Module C : The Economics of Information

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 5 problems in chapter Module C : The Economics of Information have been answered, more than 7933 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Module C : The Economics of Information includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

Key Business Terms and definitions covered in this textbook
  • aggregate-supply curve

    a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • elasticity

    the quantity of output that minimizes average total cost

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • incentive

    something that induces a person to act

  • inferior good

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

  • inflation tax

    the revenue the government raises by creating money

  • marginal product

    the increase in output that arises from an additional unit of input

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • normal good

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

  • Phillips curve

    a curve that shows the short-run trade-off between inflation and unemployment

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • price ceiling

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

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • tariff

    tax on goods produced abroad and sold domestically

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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