×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 23: Income Inequality, Poverty, and Discrimination

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

Solutions for Chapter 23: Income Inequality, Poverty, and Discrimination

This expansive textbook survival guide covers the following chapters and their solutions. Since 15 problems in chapter 23: Income Inequality, Poverty, and Discrimination have been answered, more than 7231 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Microeconomics, edition: 21. Microeconomics was written by and is associated to the ISBN: 9781259915727. Chapter 23: Income Inequality, Poverty, and Discrimination includes 15 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • circular-flow diagram

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

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • complements

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

  • corrective tax

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

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • factors of production

    the inputs used to produce goods and services

  • firm-specific risk

    risk that affects only a single company

  • in-kind transfers

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

  • marginal change

    a small incremental adjustment to a plan of action

  • menu costs

    the costs of changing prices

  • opportunity cost

    whatever must be given up to obtain some item

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • trade surplus

    an excess of exports over imports

  • unemployment insurance

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

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password