Examlex
Briefly and concisely define the following terms and explain their relevance to the study of economics.
a. industrial and craft unions
b. closed shop
c. union shop
d. bilateral monopoly
e. collective-bargaining agreement
Complete Portfolio
A combination of a risk-free asset and one or more risky assets, structured to meet the investor's risk-return objectives.
Risk-Free Asset
An asset which is assumed to have no risk of financial loss and typically refers to government bonds or bills.
Risky Portfolio
A risky portfolio comprises investments that have a higher degree of risk, aiming for potentially higher rewards but with an increased possibility of losses.
Arithmetic Average
The sum of a series of numbers divided by the count of that series of numbers, commonly used to calculate the mean value of datasets.
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