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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.
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Lesson 16: Perfect Competition | Unit 2: Short-Run Output
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Page: 11 of 28
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In this unit, you should have learned about:- The revenue side of a perfectly competitive firm that contains three key measures -- total revenue, average revenue, and marginal revenue.
- How average revenue and marginal revenue are derived from total revenue.
- Why P = AR = MR for a perfectly competitive firm that is a price taker.
- The cost side of a perfectly competitive firm, which like any firm, is governed by the law of diminishing marginal returns in the short run.
- How the short-run output decision by a perfectly competitive firm can be analyzed by calculating profit as the difference between total revenue and total cost.
- That a perfectly competitive firm selects the quantity of output that maximizes profit.
- How the short-run output decision by a perfectly competitive firm can be identified by equating marginal revenue and marginal cost.
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UTILITY The satisfaction of wants and needs obtained from the use or consumption of goods and services. The terms utility and satisfaction are, for the most part, used interchangeably in economics. The concept of utility is integral to utility analysis, consumer demand theory, and the microeconomic analysis of consumer behavior and market demand.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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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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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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DIDMCA
Depository Institutions Deregulation and Monetary Control Act
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