As a Seller of Labour Services,a Labour Union Is a Form

question 3

Multiple Choice

As a seller of labour services,a labour union is a form of

• A)monopoly.
• B)monopsony.
• C)oligopoly.
• D)monopolistic competitor.
• E)illegal cartel.

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Definitions:

Utility Function

A utility function is an economic concept that models an individual's preference ordering over a set of goods or outcomes, representing satisfaction or happiness.

Edgeworth Box

A diagram used in microeconomics to show the distribution of resources or outcomes in a two-person (or two-good) economy, illustrating potential areas of mutual benefit through trade.

Pareto Optimal

A situation in the allocation of resources where it's not feasible to benefit one person without harming another.

Utility Function

A mathematical representation that assigns a numerical value to different bundles of goods, indicating the level of satisfaction or happiness the consumer derives from their consumption.