Explain Why Technological Progress Will,at Best,only Temporarily Allow a Perfectly

question 109

Essay

Explain why technological progress will,at best,only temporarily allow a perfectly competitive firm to earn an economic profit.

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Definitions:

Successorship Clause

A provision in a labor contract ensuring that a new owner of a company recognizes and negotiates with the existing union representing the workers.

Management Prerogative Doctrine

A legal principle acknowledging the right of managers to make unchallenged decisions regarding the operational aspects of a business, except where limited by law or contract.

Recognition Clause

A provision in a collective bargaining agreement that identifies the union as the exclusive bargaining representative for a defined group of employees.

Exclusive Bargaining Rights

The legal right granted to a union to be the sole representative of all employees in a designated bargaining unit for purposes of collective bargaining.