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Textbooks / Business / Principles of Microeconomics 7

Principles of Microeconomics 7th Edition - Solutions by Chapter

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Full solutions for Principles of Microeconomics | 7th Edition

ISBN: 9781285165905

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Principles of Microeconomics | 7th Edition - Solutions by Chapter

Since problems from 22 chapters in Principles of Microeconomics have been answered, more than 21427 students have viewed full step-by-step answer. Principles of Microeconomics was written by and is associated to the ISBN: 9781285165905. This textbook survival guide was created for the textbook: Principles of Microeconomics, edition: 7. This expansive textbook survival guide covers the following chapters: 22. The full step-by-step solution to problem in Principles of Microeconomics were answered by , our top Business solution expert on 09/09/17, 04:24AM.

Key Business Terms and definitions covered in this textbook
  • cost

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

  • depression

    a severe recession

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • excludability

    the property of a good whereby a person can be prevented from using it

  • factors of production

    the inputs used to produce goods and services

  • horizontal equity

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

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • normative statements

    claims that attempt to prescribe how the world should be

  • opportunity cost

    whatever must be given up to obtain some item

  • Phillips curve

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

  • property rights

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

  • strike

    the organized withdrawal of labor from a firm by a union

  • 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

  • unemployment rate

    the percentage of the labor force that is unemployed

  • welfare

    government programs that supplement the incomes of the needy

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