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Solutions for Chapter 3-2: Price and Demand

Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Full solutions for Personal Financial Literacy | 1st Edition

ISBN: 9780538444521

Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Solutions for Chapter 3-2: Price and Demand

This expansive textbook survival guide covers the following chapters and their solutions. Personal Financial Literacy was written by and is associated to the ISBN: 9780538444521. Since 6 problems in chapter 3-2: Price and Demand have been answered, more than 4756 students have viewed full step-by-step solutions from this chapter. Chapter 3-2: Price and Demand includes 6 full step-by-step solutions. This textbook survival guide was created for the textbook: Personal Financial Literacy, edition: 1.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • aggregate-supply curve

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

  • bank capital

    the resources a bank’s owners have put into the institution

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • depression

    a severe recession

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • dominant strategy

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

  • efficient scale

    the quantity of output that minimizes average total cost

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • 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

  • market risk

    isk that affects all companies in the stock market

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • perfect substitutes

    two goods with straight-line indifference curves

  • price floor

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

  • principal

    a person for whom another person, called the agent, is performing some act

  • value of the marginal product

    the marginal product of an input times the price of the output

  • world price

    the price of a good that prevails in the world market for that good

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