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LUDDITE: A term used when referring to people, especially workers and union members, who are violently opposed to the introduction of new technology and technologically advanced machinery. Their opposition stems in part from a fear of something that is new and different and in part from a concern that the new technology will reduced the demand for labor and eliminate their jobs. This name stems for the actions of a group calling themselves Luddites who, from 1811 to 1816, sabotaged knitting machines introduced into the textile industry in England.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 16 of 25
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Topic:
Supply Curves Times Two
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- Market control on the buying side of factor markets means that firms can face one of two types of supply curves for the factors their employ:
- Perfect Competition:
If we're looking for a buyer with absolutely no market control, then we are looking for perfect competition.
- Monopsony, Oligopsony, and Monopsonistic Competition:
If we're looking for a buyer with market control, then we can choose among monopsony, oligopsony, and monopsonistic competition.
- The relative elasticity of this curve depends, of course, on the market control of the buying firm.
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for telephone calls from long-lost relatives.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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PSE
Pacific Stock Exchange (US, LA and San Francisco)
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