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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 24 of 24
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In this unit, you should have learned about:- A review of how monopoly control of selling side results in inefficiency with a high price an limited production.
- Bilateral monopoly as a factor market with a monopsony buyer and a monopoly seller.
- Differences between four marginal curves -- marginal revenue, marginal revenue product, marginal cost, and marginal factor cost.
- How bilateral monopoly reaches the factor price through negotiation between the monopsony buyer and the monopoly seller.
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SEVENTH RULE OF COMPLEXITY The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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DARA
Decreasing Absolute Risk Aversion
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