- 19.1: College students sometimes work as summer interns for private firms...
- 19.2: As explained in Chapter 6, a minimum-wage law distorts the market f...
- 19.3: A basic finding of labor economics is that workers who have more ex...
- 19.4: At some colleges and universities, economics professors receive hig...
- 19.5: Imagine that someone offered you a choice: You could spend 4 years ...
- 19.6: When recording devices were first invented more than 100 years ago,...
- 19.7: A current debate in education is whether teachers should be paid on...
- 19.8: When Alan Greenspan (who would later become chairman of the Federal...
- 19.9: This chapter considers the economics of discrimina-tion by employer...
Solutions for Chapter 19: Earnings and Discrimination
Full solutions for Principles of Microeconomics | 7th Edition
the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
average fixed cost
fixed cost divided by the quantity of output
average variable cost
variable cost divided by the quantity of output
the theoretical separation of nominal and real variables
the failure of majority rule to produce transitive preferences for society
a graph of the relationship between the price of a good and the quantity demanded
diseconomies of scal
the property whereby long-run average total cost rises as the quantity of output increases
factors of production
the inputs used to produce goods and services
the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk
a curve that shows consumption bundles that give the consumer the same level of satisfaction
the regular pattern of income variation over a person’s life
natural level of output
the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate
net capital outflow
the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners
the production of goods and services valued at current prices
a legal minimum on the price at which a good can be sold
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
variables measured in physical units
the manner in which the burden of a tax is shared among participants in a market
total revenue (for a firm)
the amount a firm receives for the sale of its output
velocity of money
the rate at which money changes hands