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AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 24 of 28
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In this unit, you should have learned about:- Long-run marginal cost and the long-run marginal cost curve, which capture the changes in total cost when ALL inputs are variable in the long run.
- How a perfectly competitive firm adjusts output and plant size in the long run to maximize profit by equating price to short-run and long-run marginal cost.
- How a perfectly competitive industry adjusts the number of firms in the industry in the long run to ensure that economic profit is zero and all firms receive a normal profit.
- That the long-run equilibrium for a perfectly competitive industry at the minimum efficient scale means that firms efficiently allocating resources and producing output at the lowest possible cost.
- The six long-run equilibrium conditions: perfect competition, profit maximization, normal profit, technical efficiency, minimum efficient scale, and economic efficiency.
- The three alternative long-run industry supply curves that reflect increasing cost, decreasing cost, and constant cost.
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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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SUR
Seemingly Unrelated Regressions
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