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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.
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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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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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NELS
National Educational Longitudinal Survey
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