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Solutions for Chapter 12: Environmental Protection and Negative Externalities

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 12: Environmental Protection and Negative Externalities

Solutions for Chapter 12
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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. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Since 44 problems in chapter 12: Environmental Protection and Negative Externalities have been answered, more than 14106 students have viewed full step-by-step solutions from this chapter. Chapter 12: Environmental Protection and Negative Externalities includes 44 full step-by-step solutions. Principles of Economics was written by and is associated to the ISBN: 9781938168239.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • 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

  • economics

    the study of how society manages its scarce resources

  • explicit costs

    input costs that require an outlay of money by the firm

  • financial markets

    financial institutions through which savers can directly provide funds to borrowers

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • perfect complements

    two goods with right-angle indifference curves

  • positive statements

    claims that attempt to describe the world as it is

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • principal

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

  • recession

    a period of declining real incomes and rising unemployment

  • signaling

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

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

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