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June 19, 2018 

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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.

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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.

     See also | labor union | Norris-LaGuardia Act | open shop | union shop | closed shop | right to work | Taft-Hartley Act | factor market | monopoly | National Labor Relations Act |


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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for strangers with large satchels of used undergarments.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"The will to win is important, but the will to prepare is vital. "

-- Joe Paterno, football coach

MRS
Marginal Rate of Substitution
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