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is the process by which representatives of a union meet with representatives of management to negotiate a labour contract for workers.
Productive Efficiency
A state where an economy or entity is operating in such a way that it cannot produce more of one good without reducing the output of another good.
Minimum ATC
The lowest point on the average total cost curve, representing the most efficient scale of production.
Purely Competitive Market
An idealized market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to perfect competition.
Long-run Equilibrium
The state in which all factors of production and costs are variable, leading to a situation where no firm in the market wants to change its output level, assuming no external changes.
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