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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 5584 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
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • cartel

    a group of firms acting in unison

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • common resources

    goods that are rival in consumption but not excludable

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • cost

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

  • depression

    a severe recession

  • in-kind transfers

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

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • mutual fund

    an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • variable costs

    costs that vary with the quantity of output produced

  • welfare economics

    the study of how the allocation of resources affects economic well-being

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