Unions temporarily gain additional bargaining power. Show the short-run impact on an AS-AD graph. Also show the long-run result, if monetary policy is not accommodative.
Definitions:
Variable Costing
A costing method in which only variable production costs are assigned to inventory and cost of goods sold, excluding fixed manufacturing overhead.
Income Statement
A financial statement that shows a company's revenues and expenses over a specified period, culminating in net income or loss.
Contribution Margin
The amount remaining from sales revenue after variable expenses have been deducted.
Variable Cost
A cost that changes in proportion to the level of activity or volume of production in a business.
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