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Textbooks / Business / Microeconomics 21

Microeconomics 21st Edition - Solutions by Chapter

Microeconomics | 21st Edition | ISBN: 9781259915727 | Authors: Campbell R. McConnell, Stanley L. Brue, Dr. Sean Masaki Flynn

Full solutions for Microeconomics | 21st Edition

ISBN: 9781259915727

Microeconomics | 21st Edition | ISBN: 9781259915727 | Authors: Campbell R. McConnell, Stanley L. Brue, Dr. Sean Masaki Flynn

Microeconomics | 21st Edition - Solutions by Chapter

This textbook survival guide was created for the textbook: Microeconomics, edition: 21. The full step-by-step solution to problem in Microeconomics were answered by , our top Business solution expert on 03/16/18, 02:50PM. Since problems from 27 chapters in Microeconomics have been answered, more than 10100 students have viewed full step-by-step answer. Microeconomics was written by and is associated to the ISBN: 9781259915727. This expansive textbook survival guide covers the following chapters: 27.

Key Business Terms and definitions covered in this textbook
  • average fixed cost

    fixed cost divided by the quantity of output

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • compounding

    the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • inferior good

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

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal revenue

    the change in total revenue from an additional unit sold

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • 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

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • nominal GDP

    the production of goods and services valued at current prices

  • political economy

    the study of government using the analytic methods of economics

  • quantity supplied

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

  • trade surplus

    an excess of exports over imports

  • transaction costs

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