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SEASONAL UNEMPLOYMENT: Unemployment is caused by relatively regular and predictable declines in particular industries or occupations over the course of a year, often corresponding with the seasons. Unlike cyclical unemployment, that could occur at any time, seasonal unemployment is an essential part of many jobs. For example, your regular, run-of-the-mill, department store Santa Clause can count on 11 months of unemployment each year. Seasonal unemployment is one of four unemployment sources. The other three are cyclical unemployment, frictional unemployment, and structural unemployment.
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Lesson 18: Monopoly | Unit 2: Revenue
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Page: 14 of 30
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In this unit, you should have learned about:- How market control makes monopoly a price maker.
- How demand constrains the market control, meaning a monopoly can select either the price of the quantity, but not both.
- Why the demand curve facing monopoly is negatively sloped because monopoly is the market.
- How the monopoly demand curve compares with demand curves facing perfect competition and monopolistic competition.
- That the profit-maximizing decision of monopoly depends on total revenue, average revenue, and marginal revenue, just like perfect competition.
- Why the negatively-sloped demand curve means marginal revenue is less than average revenue for monopoly.
- How the total revenue, average revenue, and marginal revenue curves are related and how they reflect the negatively-sloped demand curve.
- The relation between price elasticity of demand and the positive or negative value of marginal revenue.
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SPECIALIZATION The condition in which resources are primarily devoted to specific production tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production of the goods and services that satisfy unlimited wants and needs if those resources specialize.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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FCLT
Functional Central Limit Theorem
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