When Unions Exist in Markets

question 155

Multiple Choice

When unions exist in markets

• A) firms must have market power in their output markets.
• B) there no longer is a perfectly competitive labor supply.
• C) individual workers no longer make labor-leisure trade-off decisions.
• D) employers have market power in labor markets.

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Definitions:

Sensitive Knowledge

Information that is critical or private in nature, often requiring careful handling and protection due to its significance or potential impact.

Economies Of Scale

The cost advantages companies achieve as they progress down the learning curve and spread fixed costs over more units of output.

Transportation Costs

Expenses associated with the movement of goods or people from one location to another, often impacting the final price of products and services.

Just-In-Time Manufacturing

A production method where materials and products are made or delivered only as needed, reducing inventory costs and increasing efficiency.