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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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CONSUMER SURPLUS: The satisfaction that consumers obtain from a good over and above the price paid. This is the difference between the maximum demand price that you would be willing to pay and the price that you actually pay. For most consumers, under most circumstances, the demand price is greater than the price paid. Even competitive markets overflowing with efficiency generate an ample amount of consumer surplus.

     See also | satisfaction | demand | demand curve | demand price | price | competitive market | efficiency | producer surplus | diamond-water paradox |


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CONSUMER SURPLUS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].


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MONOPOLISTIC COMPETITION, DEMAND

The demand curve for the output produced by a monopolistically competitive firm is relatively elastic. The firm can sell a wide range of output within a relatively narrow range of prices. As a price maker, the firm has some ability (not much, but some) to control price. The demand curve is negatively sloped, but relatively elastic, because each firm produces a slightly differentiated product, but faces competition from a large number of very, very close substitutes.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for slightly overweight pizza delivery guys.
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Al Capone's business card said he was a used furniture dealer.
"Time is the scarcest resource, and unless it is managed nothing else can be managed."

-- Peter F. Drucker

AFEA
American Farm Economic Association
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