|
|
AFL-CIO: The umbrella organization for many labor unions in the United States, with AFL standing for American Federation of Labor, and CIO the abbreviation of Congress of Industrial Organizations. The AFL-CIO began as just the AFL in 1886 as a collection of craft unions representing skilled workers. It expanded to include semiskilled and unskilled workers represented by industrial unions. Differing interests among the two groups lead to a division of the original AFL in 1938 into two separate groups -- the AFL containing craft unions and CIO containing industrial unions. This rift was closed in 1955, when the AFL and CIO merged to form the AFL-CIO.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 19: Monopolistic Competition | Unit 4: Analysis
|
Page: 18 of 22
|
In this unit, you should have learned about:- Why a monopolistic competition firm is faced with the same three short-run production alternatives as other firms based on a comparison between price, average total cost, and average variable cost
- That market control means a monopolistic competition firm does not have a short-run supply curve like that of perfect competition.
- How market control makes a monopolistic competition firm inefficient, but that the inefficiency is relatively minor.
- That a monopolistic competition firm has excessive capacity in the long run because of it's market control.
- Why advertising is used by monopolistic competition to promote product differentiation and to increase market control
- How advertising is used the shift the demand curve facing and firm and to reduce demand elasticity.
|
|
|
|
|
|
|
OLIGOPSONY A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope
This isn't me! What am I?
|
|
|
On a typical day, the United States Mint produces over $1 million worth of dimes.
|
|
|
"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
|
|
CAP
Common Agricultural Policy
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
