Examlex
What are the two common tools used by labor in union contracts to secure wage increases? Explain.
Supply
The total amount of a specific good or service that is available to consumers in the market.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a given period.
Demand
The quantity of a good or service that consumers are willing and able to purchase at different prices at a given time.
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