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TRADE UNION: A labor union composed of workers in the same occupation, but not necessarily in the same industry, producing the same product, or employed by the same firm. Common examples of craft unions are for plumbers, carpenters, and musicians. Craft unions generally exert market control by limiting the number of suppliers. The American Federation of Labor (AFL) began as a collection of craft unions. This is also termed a craft union.

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Lesson Contents
Unit 1: Intro
  • Definition
  • Characteristics
  • A Mix
  • Product Differentiation
  • Unit 1 Summary
  • Unit 2: Revenue And Cost
  • The Revenue Numbers
  • The Revenue Curves
  • The Cost Numbers
  • The Cost Curves
  • Unit 2 Summary
  • Unit 3: Output
  • The Numbers
  • The Curves
  • Long-Run Equilibrium
  • Unit 3 Summary
  • Unit 4: Analysis
  • Profit, Loss, And Supply
  • Efficiency And Excess Capacity
  • Advertising
  • Unit 4 Summary
  • Unit 5: Evaluation
  • The Bad: Inefficient
  • The Good: Differences
  • Regulation
  • Unit 5 Summary
  • Course Home
    Monopolistic Competition

    • The first unit of this lesson, A Bunch Of Firms, begins this lesson with a look at the nature of monopolistic competition and how it is related to other market structures.
    • In the second unit, Revenue And Cost, we review the revenue side and the cost side the production decision for a monopolistically competitive firm.
    • The third unit, The Output Level, then looks at the profit-maximizing output production decision by a firm in monopolistic competition.
    • In the fourth unit, Doing Some Analysis, we examine a few of the implications of market characterized by monopolistic competition.
    • The fifth and final unit, Good Or Bad?, then closes this lesson by considering the good and the bad of monopolistic competition.

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    EXPORTS

    Goods and services produced by the domestic economy and purchased by the foreign sector. Exports are goods sold to other countries. Exports are the counter to imports--goods produced by the foreign sector and purchased by domestic economy. Exports, together with imports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Exports and imports are frequently combined into a single term, net exports (exports minus imports).

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    APLS

    PINK FADFLY
    [What's This?]

    Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for mail order catalogs with hidden messages.
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    This isn't me! What am I?

    Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
    "The greatest things ever done on Earth have been done little by little. "

    -- William Jennings Bryan

    ABE
    Association of Business Executives
    A PEDestrian's Guide
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