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The figure given below depicts the long run equilibrium in an economy.
Figure 14.1
In the figure:
AD1 and AD2: Aggregate demand curves
AS1 and AS2: Aggregate supply curves
-Refer to Figure 14.1. The movement from point A to point B to point C results in:
Independent Employee Representation
A way for workers to have a voice in their workplace without being affiliated with a traditional union.
Managerial Authority
The legal or organizational power granted to managers to make decisions, allocate resources, and direct the activities of others within an organization.
Labor Problem
Issues arising from employment relationships, including disputes over wages, working conditions, union rights, and employer practices.
Bargaining Power
The capacity of one party to influence the terms of negotiation or outcomes to its advantage.
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