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Solutions for Chapter 13: Positive Externalities and Public Goods

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Full solutions for Principles of Economics | 2nd Edition

ISBN: 9781947172364

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Solutions for Chapter 13: Positive Externalities and Public Goods

Solutions for Chapter 13
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. Chapter 13: Positive Externalities and Public Goods includes 25 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 25 problems in chapter 13: Positive Externalities and Public Goods have been answered, more than 16264 students have viewed full step-by-step solutions from this chapter. Principles of Economics was written by and is associated to the ISBN: 9781947172364.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • adverse selection

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

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • currency

    the paper bills and coins in the hands of the public

  • elasticity

    the quantity of output that minimizes average total cost

  • explicit costs

    input costs that require an outlay of money by the firm

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • inflation tax

    the revenue the government raises by creating money

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • perfect substitutes

    two goods with straight-line indifference curves

  • Phillips curve

    a curve that shows the short-run trade-off between inflation and unemployment

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • 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

  • transaction costs

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

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