Solutions for Chapter 8: Perfect Competition

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Full solutions for Principles of Economics | 1st Edition

ISBN: 9781938168239

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Solutions for Chapter 8: Perfect Competition

Solutions for Chapter 8
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 8: Perfect Competition includes 41 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Principles of Economics was written by and is associated to the ISBN: 9781938168239. Since 41 problems in chapter 8: Perfect Competition have been answered, more than 6221 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • balanced trade

    a situation in which exports equal imports

  • corrective tax

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

  • currency

    the paper bills and coins in the hands of the public

  • explicit costs

    input costs that require an outlay of money by the firm

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • 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 power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • menu costs

    the costs of changing prices

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • opportunity cost

    whatever must be given up to obtain some item

  • principal

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

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • substitutes

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

  • transaction costs

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

  • unemployment insurance

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

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

  • welfare economics

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

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