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IDB: (Islamic Development Bank) A multilateral development financing institution, established to foster social and economic development of it's member countries and Muslim communities world-wide. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. The present membership of the Bank consists of 54 countries.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly 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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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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