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DUAL LABOR MARKET: A proposition that our economy has two classes of workers -- (1) adult white males and (2) other. The other includes, but isn't limited to, women, blacks, hispanics, and teenagers. Based on the political and economic clout of whites and the traditional notion of men as the "bread winners" of a family, white males constitute the primary labor supply and thus get the best, highest paying jobs, with the greatest chance of advancement--like executive, physician, shop foreman, or U. S. Senator. The other groups, however, are left with secondary jobs--such as secretary, janitor, nurse, or convenience store clerk--that have very low pay and limited prospects to move up. Moreover, there tends to be little movement between these two labor markets.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 9 of 22

Topic: The Cost Curves <=PAGE BACK | PAGE NEXT=>

  • The cost side of the firm's production can be conveniently displayed using the U-shaped cost curves:

    • Average Total Cost (ATC): This curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.

    • Marginal Cost (MC): Like the average total cost curve, the marginal cost curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.

  • Both curves play important roles in the analysis of the short-run production decision for monopolistic competition.


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INJECTIONS LINE

A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for slightly overweight pizza delivery guys.
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A half gallon milk jug holds about $50 in pennies.
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