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EMPLOYMENT QUOTA: A limit on the quantity of workers hired by a firm or business, typically based on ethnic or demographic criteria. Employment quotas have been used as a means of providing increased opportunities to blacks, hispanics, women, and other groups that have been historically subject to discrimination. Such quotas, however, tend to anger other groups, especially white males, who don't receive favorable treatment. While employment or similar anti-discrimination quota systems might help address historical problems, they are not without cost. In particular, our economy's efficiency is likely to suffer if a less qualified member of an ethnic group is selected over someone who is more qualified.
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Lesson 15: Cost | Unit 5: Previewing Supply
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Page: 23 of 24
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- Review the law of supply:
- The law of supply states that a direct relation exists between supply price and the quantity supplied, ceteris paribus.
- Important considerations are competition and market structure.
- The selling side of markets tend to come in one of four varieties:
- Perfect Competition
- Monopoly
- Monopolistic Competition
- Oligopoly
- The more control a firm has over the price, the less likely it is to be guided by the marginal cost curve when deciding on the quantity to supply.
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FOURTH RULE OF COMPETITION The fourth of seven basic rules of the economy, stating that competition among market buyers and sellers generates an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. The side of the market with fewer numbers generally has relatively less competition and more market control.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for high interest rates.
Your Complete Scope
This isn't me! What am I?
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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LF
Labor Force, Laissez-Faire
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