Which of the Following Is NOT a Goal of a Labor

question 75

Multiple Choice

Which of the following is NOT a goal of a labor union?

• A) profit maximization
• B) job security
• C) competitive market wage
• D) total wage maximization

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, holding all other inputs constant.

Total Product

The overall quantity of output produced by a firm from a given quantity of inputs.

Short Run

In microeconomics, a period of time in which producers are able to change the quantities of some but not all of the resources they employ; a period in which some resources (usually plant) are fixed and some are variable.

Profits

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.