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ZONING: Legal restrictions on where different activities can locate within a city. Most cities regulate the location of industrial, commercial, and residential activities. The underlying motivation behind zoning is to keep less desirable, but perhaps more profitable, activities from encroaching upon residential areas.

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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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AUTONOMOUS GOVERNMENT PURCHASES

Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for fairy dust that tastes like salt.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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