Briefly and Concisely Define the Following Terms and Explain Their

question 17

Essay

Briefly and concisely define the following terms and explain their relevance to the study of economics.
a. industrial and craft unions
b. closed shop
c. union shop
d. bilateral monopoly
e. collective-bargaining agreement

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

Alfred Marshall

A prominent British economist known for his significant contributions to microeconomics and for popularizing the use of supply and demand graphs.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.