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LABOR-MANAGEMENT RELATIONS ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. More commonly known as the Taft-Hartley Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 2 of 24

Topic: Market Structure Continuum <=PAGE BACK | PAGE NEXT=>

  • The market structure continuum can be illustrated by this diagram.

  • Oligopoly occupies the right half of the continuum.

  • As a continuum, there are no clear-cut dividing lines between oligopoly and the two adjacent market structures. Let's see why:

    Versus Monopoly

    • One or More Than One

    • Substitutes

    • Cooperation

    Versus Monopolistic Competition:

    • Many or Few

    • Dominance by a Few

    • Geographic Area


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AGGREGATE DEMAND

The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"Never let the fear of striking out get in your way. "

-- Babe Ruth

IBS
International Bank for Settlements
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