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LABOR-MANAGEMENT RELATIONS ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. More commonly known as the Taft-Hartley Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.
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MARGINAL PRODUCT CURVE A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on." -- Samuel Goldwyn, Film executive
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RJE
RAND Journal of Economics
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