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Collective Bargaining
The negotiation of labor contracts between labor unions and firms or government entities.
Lockout
A negotiating tactic in which a firm forbids its unionized workers to return to work until a new collective bargaining agreement is signed; a means of imposing costs (lost wages) on union workers.
Efficiency Wages
Higher-than-market wages paid by employers to increase worker productivity, morale, and retention.
Below-equilibrium Levels
Refers to a situation where the quantity of a good or service demanded exceeds the quantity supplied at a given price, typically leading to shortages.
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