Unions Whose Membership Is Confined to Workers with a Particular

question 77

Multiple Choice

Unions whose membership is confined to workers with a particular skill are known as

• A)industrial unions
• B)limited unions
• C)regional unions
• D)craft unions
• E)inclusive unions

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a certain input, such as labor or capital.

VMPL

The Value of Marginal Product of Labor, which is the additional value created by employing one more unit of labor.

Profit-maximizing

The process by which a firm determines the price and output level that generates the most profit.

MR

Marginal Revenue, which is the extra revenue that an organization receives from selling one more unit of a product.