Essentials of Economics

Krugman, Paul; Wells, Robin

4th ed.

New York: Worth Publishers, Macmillan Learning, 2017

p. 320

Mean household income, also called average household income, is the total income of all U.S. households divided by the number of households.

---

p. 325

In means-tested programs, benefits are available only to families or individuals whose income and/or wealth falls below some mini-mum. Basically, means-tested programs are poverty programs designed to help only those with low incomes. By contrast, non-means-tested programs provide their benefits to everyone, although, as we’ll see, they tend in practice to reduce income inequality.

---

p. 320

Median household income is the income of a household in the exact middle of the income distributionxguiollargxthe level of income at which half of all households have lower income and half have higher income.

---

p. 249

Like a monopolist, a monopsonist will distort the competitive market outcome in order to capture more of the surplus, except that the monopsonist will do this through quantity purchased and price paid for goods rather than through quantity sold and price charged for goods.

---