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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 12524 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • economics

    the study of how society manages its scarce resources

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • game theory

    the study of how people behave in strategic situations

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • 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

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • scarcity

    the limited nature of society’s resources

  • strike

    the organized withdrawal of labor from a firm by a union

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

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