Which of the Following Statement(s) Is (Are) True

question 86

Multiple Choice

Which of the following statement(s) is (are) true?
I. A labor union can choose to maximize profit, maximize total wages of its members, or accept the competitive wage.
II. The number of workers employed when a union is present is generally greater than the number employed in a perfectly competitive labor market.
III. The wage rate paid to union workers typically exceeds that of workers in a competitive market.

• A) I, II, and III
• B) III
• C) I and III
• D) II and III

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Definitions:

Total Liabilities

The combined amount of obligations and debts a company owes to outside parties that must be repaid.

Total Assets

The sum of all resources owned by a company, valued at cost or market value on the balance sheet, representing the company's total owned resources.

IASB

International Accounting Standards Board, an independent organization that develops and approves International Financial Reporting Standards (IFRS).

Financial Accounting Standards

Rules and standards set by authoritative bodies that dictate how companies prepare and present their financial statements.