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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.

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Lesson 7: Market Equilibrium | Unit 4: Adjustment Page: 15 of 22

Topic: Surplus <=PAGE BACK | PAGE NEXT=>

A surplus exists if the quantity demanded is less than the quantity supplied at the current market price.
  • A surplus exists if the market price is 70 cents.
  • The quantity demanded is 200 tapes and the quantity supplied is 600 tapes, giving a surplus of 400 tapes.
  • This surplus induces the price to decline down to the equilibrium level of 50 cents

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SUBSTITUTION EFFECT

The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for slow moving vehicles with darkened windows.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

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