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NATIONAL LABOR RELATIONS BOARD: A government body overseeing relations between unions and management -- the workers and their employers. It was established by the National Labor Relations Act in 1935, but was modified by the Labor-Management Relations Act in 1947. The National Labor Relations Board is the place to go should either unions or management suspect the other side is engaging in unfair labor practices.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 21 of 24
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- Suppose that the union takes monopoly control of the supply-side of this market.
- This tense situation is officially described as a bilateral monopoly.
- Bilateral monopoly is market structure containing a single buyer and a single seller, or more specifically, the combination of a monopoly on the selling side and a monopsony on the buying side.
- Should the firm seek to hire workers, it must do so through the union. Alternatively, should the union seek to employment for its members, it must do so through the firm.
- That's the way it works. One buyer. One seller.
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INDUSTRY A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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NLREG
Nonlinear Statistical Regression
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