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CLOSED SHOP: An employment arrangement, usually written into a collective bargaining agreement, in which a firm is allowed to hire only labor union members. Because this gives a labor union complete control over the labor services supplied to a particular firm, it was one of the earliest methods used by labor unions to monopolized a labor market. However, closed shops were outlawed by the Taft-Hartley Act passed in 1947 and has been largely supplanted by union shops.
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LONG-RUN MARGINAL COST The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is an increment of the corresponding total. It is the change in long-run total cost divided by, or resulting from, a change in quantity. Long-run marginal cost is guided by returns to scale rather than marginal returns.
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PINK FADFLY
[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 coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for strangers with large satchels of used undergarments.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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AEA
American Economic Association
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