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INFLATION RATE: The percentage change in the price level from one period to the next. The two most common price indices used to measure the inflation are the Consumer Price Index (CPI) and the GDP price deflator.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 22 of 24
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Topic:
Four Marginal Curves
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- 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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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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HDI
Human Development Index
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