Examlex
You have just joined a public employee union. Your colleague who is not a union member tells you that Collective bargaining refers to negotiations by labor unions on behalf of individuals in organizations, groups in organizations, vendors, suppliers and outside contractors. Is she correct in her assumption?
Firms
Organizations that use various inputs to produce goods or services for sale to consumers, other businesses, or the government.
Workers
Individuals engaged in a particular task or activity for wages or salary.
Price Floor
A government- or group-imposed price control or limit on how low a price can be charged for a product.
Equilibrium Price
The cost factor at which the supply side and demand side of goods reach an equilibrium in the market.
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