Solutions for Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration

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 15: Issues in Labor Markets: Unions, Discrimination, Immigration

Solutions for Chapter 15
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Principles of Economics was written by Patricia and is associated to the ISBN: 9781938168239. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Since 30 problems in chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration have been answered, more than 4963 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration includes 30 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • depression

    a severe recession

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • law of supply

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

  • 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

  • menu costs

    the costs of changing prices

  • 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

  • opportunity cost

    whatever must be given up to obtain some item

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • principal

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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • stagflation

    a period of falling output and rising prices

  • strike

    the organized withdrawal of labor from a firm by a union

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • variable costs

    costs that vary with the quantity of output produced

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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