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NORRIS-LAGUARDIA ACT: A Congressional act passed in 1932 that outlawed the use of yellow-dog contracts by employers and made it more difficult for firms to use legal injunctions against labor unions. This act strengthened labor related provisions of the Clayton Act and foreshadowed the more favorable attitude toward labor unions under the ensuing Roosevelt administration.

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Lesson 21: Factor Demand | Unit 3: The Curve Page: 13 of 24

Topic: Marginal Revenue Product Curve <=PAGE BACK | PAGE NEXT=>

  • To understand factor demand, we MUST understand marginal revenue product.

  • This means to derive the factor demand curve we MUST first identify the marginal revenue product curve.

  • The marginal revenue product curve is a graphical plot of the relation between marginal revenue product and the quantity of input.

  • This marginal revenue product curve can be used to derive the factor demand curve.


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PRINCIPAL-AGENT PROBLEM

A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for deranged pelicans.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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Bell Journal of Economics
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