Labor Unions
Labor Unions do what for people
What is negotiations for better wages, benefits, and working conditions.
Partial credit for partial responses
What is a compulsory financial charge imposed by a government
What is tax
This market structure has many buyers and sellers with identical products.
What is Perfect Competition
Profit equals total revenue plus total costs.
True/False
What is FALSE- Profit equals total revenue MINUS total costs.
On a Demand curve when demand increases supply does what
what is increases
Collective Barganing is this?
The process that employers and unions do for betterment of employees
Tax rate decreases as income increases.
What is a regressive task
This market structure may use game theory or the prisoner's dilemma.
What is Oligopoly
The difference between total revenue and total cost.
What is profit
The “place” where goods and services produced by businesses are sold to households
What is The Product Market
Draw the table for collective bargaining with arbitrator and minute keeper
Bonus points for the most artistic and best drawn model
Ill evaluate the models my self
What happens where the real burden of a tax falls
What is a Tax Incident
This curve becomes kinked because rivals match price decrease but not increase.
What is Oligopoly
The number and relative size of firms in an industry.
What Is Market Structure
the quantity of a good supplied in a given time period increases as its price increases, ceteris paribus, and vice versa.
What is the Law of Supply
What is GFB, BFB, and ULP.
How do these affect bargaining
Partial points for each right answer
Good Faith bargaining: good intentions on both sides for bargaining
Bad Faith Bargaining: One side or both sides not fully going into good bargaining to not be fair
Unfair Labor Practices: Could be manipulation on either side that affect bargaining under good faith
Tax to correct negative externalities
What is a Pigovian Tax
This situation occurs when a monopolist produces at the profit-maximizing level where MR = MC, but the price charged is greater than marginal cost, resulting in a loss of total surplus to society.
What is a Deadweight Loss
A payment made for the use of a resource.
What is Explicit Cost
In a given time period, the quantity demanded of a good increases
as its price falls, ceteris paribus (all things constant) and vice versa.
What is the Law of Demand
Which has the higher percentage of union membership
Private sector and public sector
What does the most employment look like in this sector
Partial points for getting half of the info
What is the private sector with the most membership in Education, force, firefighters, and EMT's
Tax is designed to protect consumer privacy and promote fair economic participation
What is Data Monetization Tax
A firm operates in a market where there are many firms, differentiated products, and low barriers to entry. In the short run, the firm is earning economic profit at the output where MR = MC and P > ATC. Over time, new firms enter the market, causing the firm’s demand curve to shift left and become more elastic until it is tangent to the ATC curve.
What is the market structure?
What happens to economic profit?
Does the firm produce productive efficiency, allocative efficiency, both, or neither?
What is the relationship between P, MC, and ATC?
Monopolistic competition
Economic profit = 0
Neither productive nor allocative efficiency
P > MC and P = ATC (tangent, not at minimum ATC)
On your Paper Draw a Graph from left to right of Imperfect competition. Left being the fairest/easiest for entry, and right being the most unfair/hardest for entry
Monopolistic competition, duopoly, perfect competition, monopoly, and oligopoly
What is Perfect competition, Monopolistic Competition, Oligopoly, Duopoly, Monopoly
What are 3 of the 6 shifters of supply
1. What is Technology.
2. What is Factor Costs (Depends on the cost of the factors of production).
3. What is Cost of Related Goods (Other goods – is it more profitable to make an alternative?).
4. What is Taxes (Federal, State, and Local).
5. What is Future Expectations (Expectations).
6. What is Number of sellers.