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AFL: The abbreviation for the American Federation of Labor, which started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 8 of 19

Topic: Schedule <=PAGE BACK | PAGE NEXT=>

This table is a supply schedule presenting the relationship between supply price and quantity supplied.

Our relationship is between the supply price in the middle column and the quantity of stuffed animals supplied in the right-hand column.

Assumptions:

  • Ceteris paribus factors do not change.
  • Quantities are supplied for a specific time period, such as one year.
Some observations about the supply schedule:
  • First, higher prices go with larger quantities supplied-the law of supply.
  • Second, the prices are minimum values for the given quantities.
  • Third, supply is the whole set of price/quantity pair numbers. Quantity supplied is any single number at the specified price.
  • Fourth, these numbers are hypothetical, presenting a 'what if' relationship.

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CONCENTRATION RATIOS

A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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