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Solutions for Chapter 14: Labor Markets and Income

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 14: Labor Markets and Income

Solutions for Chapter 14
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

Chapter 14: Labor Markets and Income includes 44 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Principles of Economics was written by and is associated to the ISBN: 9781947172364. Since 44 problems in chapter 14: Labor Markets and Income have been answered, more than 14252 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Principles of Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • classical dichotomy

    the theoretical separation of nominal and real variables

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • equality

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

  • equality

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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • factors of production

    the inputs used to produce goods and services

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • incentive

    something that induces a person to act

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • marginal product

    the increase in output that arises from an additional unit of input

  • 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

  • market failure

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

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • public goods

    goods that are neither excludable nor rival in consumption

  • stagflation

    a period of falling output and rising prices

  • 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

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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