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Solutions for Chapter B: Indifference Curves

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 B: Indifference Curves

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: 2. Since 11 problems in chapter B: Indifference Curves have been answered, more than 14347 students have viewed full step-by-step solutions from this chapter. Principles of Economics was written by and is associated to the ISBN: 9781947172364. Chapter B: Indifference Curves includes 11 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • cost

    the value of everything a seller must give up to produce a good

  • crowding-out effect

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

  • efficient scale

    the quantity of output that minimizes average total cost

  • equality

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

  • explicit costs

    input costs that require an outlay of money by the firm

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • incentive

    something that induces a person to act

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • utility

    a measure of happiness or satisfaction

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