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UNITED MINE WORKERS UNION: A labor union representing the interests of workers engaged in mineral extraction, especially coal. The United Mine Workers Union has been one of the more prominent unions involved in the labor union movement. It is also notable as being the first national industrial union established in the United States, when it was formed in 1890. Prior to that time all national unions were craft unions representing workers with specific skills or in specific occupations. The United Mine Workers Union representing all workers employed by mining companies regardless of skills or occupations.
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Lesson 20: Oligopoly | Unit 4: Analysis
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Page: 15 of 24
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Topic:
Kinked-Demand Curve
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- How and why oligopoly firms have rigid prices can be illustrated with the use of the kinked-demand curve.
- A kinked-demand curve is a demand curve with two distinct segments with different elasticities that join to form a kink.
- The two segments of a kinked-demand curve are:
- A relatively more elastic segment for price increases.
- A relatively less elastic segment for price decreases.
- The most striking feature of this curve is that it comes it three parts:
- One part corresponds with the relatively more elastic demand curve for price increases.
- The second part corresponds with the relatively less elastic demand curve for price decreases.
- The third part is the vertical line connecting these two segments.
- This disjointed marginal revenue curve is the key to oligopoly price rigidity.
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BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for celebrities who speak directly to you through your television.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Consult not your fears, but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do. " -- Pope John XXIII
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JHR
Journal of Human Resources
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