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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 41156 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
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average revenue

    total revenue divided by the quantity sold

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • business cycle

    fluctuations in economic activity, such as employment and production

  • cost

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

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • factors of production

    the inputs used to produce goods and services

  • Federal Reserve (Fed)

    the central bank of the United States

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • fixed costs

    costs that do not vary with the quantity of output produced

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • 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

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • property rights

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

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • tax incidence

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

  • willingness to pay

    the maximum amount that a buyer will pay for a good