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 Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 20 of 24

 Topic: Monopoly <=PAGE BACK | PAGE NEXT=>

• Should the firm's workers form a labor union that controls the total supply of labor, then it is a monopoly.

• This diagram illustrates the situation in the firm's factor market with monopoly control by the labor union.

• The factor price is higher and the quantity of labor services exchanged is less than under the efficiency benchmark of perfect competition.

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AGGREGATE DEMAND CURVE

A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for neighborhood pets, especially belligerent parrots.Your Complete Scope
 Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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