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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.

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Lesson 15: Cost | Unit 3: Four More Measures Page: 14 of 24

Topic: A Marginal Table <=PAGE BACK | PAGE NEXT=>

  • The table presents total cost (TC) and total variable cost (TVC) data to examine the calculation of marginal cost.

  • Note that:

    • MC begins with a high value of $5 for the first unit produced, declines to a low of $1.50 for the fourth and fifth units, then rises again until reaching $12 for the tenth unit.

    • The decrease-increase, U-shaped pattern of MC is an extremely important aspect of both marginal cost and short-run production.

    • MC values increase after the fifth unit for one simple reason -- the law of diminishing marginal returns.


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EXPLICIT LOGROLLING

The straightforward, unambigous trading of votes to ensure a favorable outcome for two or more separate decisions. Commonly practiced in legislative bodies, explicit logrolling occurs when each of two voters agree to cast separate votes for two separate programs. The contrast is with implicit logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. Whether explicit or implicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.

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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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