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Solutions for Chapter 14: Firms in Competitive Market

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Full solutions for Principles of Economics | 6th Edition

ISBN: 9780538453059

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Solutions for Chapter 14: Firms in Competitive Market

Solutions for Chapter 14
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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

Chapter 14: Firms in Competitive Market includes 21 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 6. Since 21 problems in chapter 14: Firms in Competitive Market have been answered, more than 59569 students have viewed full step-by-step solutions from this chapter. Principles of Economics was written by and is associated to the ISBN: 9780538453059. This expansive textbook survival guide covers the following chapters and their solutions.

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

    the theoretical separation of nominal and real variables

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • diseconomies of scale

    the property whereby long-run average total cost rises as the quantity of output increases

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal product

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

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • positive statements

    claims that attempt to describe the world as it is

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • 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

  • profit

    total revenue minus total cost

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • scarcity

    the limited nature of society’s resources

  • trade deficit

    an excess of imports over exports

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole