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November 29, 2023 

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WAGNER ACT: An alternative title of the National Labor Relations Act passed in 1935, this modified and replaced the National Industrial Recovery Act that was declared unconstitutional earlier in the year. The Wagner Act was a major labor union promoting act under New Deal program of the Roosevelt administration The Wagner Act, also going by the acronym NLRA, outlawed unfair labor practices by employers, such as the refusal by a firm to negotiate with a union representing a majority of its employees. It also established the National Labor Relations Board, which oversees labor activities.

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RELATIVELY ELASTIC: An elasticity alternative in which relatively small changes in price cause relatively large changes in quantity. In other words, quantity is very responsive to price. Relatively elastic should be compared with other elasticity alternatives--relatively inelastic, perfectly inelastic, perfectly elastic, and unit elastic.

     See also | elasticity | relatively inelastic | perfectly inelastic | perfectly elastic | unit elastic | price elasticity of demand | price elasticity of supply |


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RELATIVELY ELASTIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: November 29, 2023].


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NUMBER OF SELLERS, SUPPLY DETERMINANT

The number of sellers willing and able to sell a good, which is assumed constant when a supply curve is constructed. The number of sellers is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and sellers' expectations.

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Today, you are likely to spend a great deal of time at an auction trying to buy either a how-to book on meeting people or clothing for your pet iguana. Be on the lookout for attractive cable television service repair people.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

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