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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.
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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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UNEMPLOYMENT RATE The proportion of the civilian labor force 16 years or older that is actively seeking employment, but is unemployed and not engaged in the production of goods and services. The unemployment rate is estimated and reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor. It is used not only as the prime measure of labor unemployment in the economy, but also as a key indicator of business-cycle instability. In principle, the unemployment rate measures the proportion of the labor that is willing and able to work, but not employed. In practice, the official unemployment rate is simply the ratio of total unemployment to the total civilian labor force, in percentage terms.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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IQ
Import Quota
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