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EUROPEAN COMMISSION: The executive body of the European Union that is charged with initiating Union-wide regulations. This is as close as the European Union has come to a centralized "federal" government comparable to that in the United States. It, however, has not achieved the status. The 15 national members of the European Union still retain a significant degree of autonomy.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 22 of 24

Topic: Four Marginal Curves <=PAGE BACK | PAGE NEXT=>

  • The two sides of the factor market for labor services have decided to negotiate a factor price.

  • Four curves are contained in the diagram.

    • Marginal Revenue Product and Demand
    • Marginal Revenue

  • The MRP curve is based on the revenue received by the the firm when it hires labor to produce resort services.

  • The MR curve thus represents the additional revenue received by the monopoly union for selling additional unions of its output, which is labor services.

    • Marginal Cost and Supply
    • Marginal Factor Cost

  • The MC curve is based on the cost incurred by the union when sells labor to the firm.

  • The MFC curve thus represents the additional cost incurred received by the monopsony resort for buying additional units of labor services.


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WHAT?

The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?

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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 trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for door-to-door salesmen.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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