×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 19: The Markets for the factors of Production

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 19: The Markets for the factors of Production

Solutions for Chapter 19
4 5 0 397 Reviews
31
1
Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

Since 18 problems in chapter 19: The Markets for the factors of Production have been answered, more than 15605 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 19: The Markets for the factors of Production includes 18 full step-by-step solutions. Principles of Economics was written by and is associated to the ISBN: 9780538453059. This textbook survival guide was created for the textbook: Principles of Economics, edition: 6.

Key Business Terms and definitions covered in this textbook
  • adverse selection

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

  • budget surplus

    an excess of government receipts over government spending

  • budget surplus

    an excess of tax revenue over government spending

  • collective bargaining

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

  • diseconomies of scale

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

  • inferior good

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

  • marginal rate of substitution

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

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • 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

  • net capital outflow

    the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

  • normal good

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

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • private goods

    goods that are both excludable and rival in consumption

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • reserves

    deposits that banks have received but have not loaned out

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • utility

    a measure of happiness or satisfaction

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

  • welfare

    government programs that supplement the incomes of the needy

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password