The National Labor Board Established the Principles of _____ and _____

question 52

Multiple Choice

The National Labor Board established the principles of _____ and _____ in a particular bargaining unit.

• A)injunctions; ex parte agreement
• B)majority rule; exclusive representation
• C)rules of evidence; appellate rules
• D)miranda warning; negotiation

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Definitions:

Equilibrium Price

The rate in the marketplace at which the volume of goods being offered is the same as the volume of goods being sought.

Equilibrium Quantity

The quantity of a good or service at which demand meets supply.

Supply Decreases

A situation in which the quantity of a product or service offered in the market declines due to various factors like increased production costs or reduced number of suppliers.

Invisible Hand Concept

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, guiding individuals to contribute to economic activities that benefit society.