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Solutions for Chapter 20.4: Substituent Effects on Acidity
Full solutions for Organic Chemistry | 8th Edition
the ability to produce a good using fewer inputs than another producer
total revenue divided by the quantity sold
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
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
the study of how society manages its scarce resources
money without intrinsic value that is used as money because of government decree
a banking system in which banks hold only a fraction of deposits as reserves
something that induces a person to act
internalizing the externality
altering incentives so that people take account of the external effects of their actions
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
marginal product of labor
the increase in the amount of output from an additional unit of labor
the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits
whatever must be given up to obtain some item
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
rivalry in consumption
the property of a good whereby one person’s use diminishes other people’s use
the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point
the organized withdrawal of labor from a firm by a union
an excess of exports over imports
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts