In the accompanying figure, the text labeled 4 is ____.
Definitions:
Minimum Wage
The lowest hourly, daily or monthly remuneration that employers are legally allowed to pay to workers.
Occupational Licensing
A regulatory process where individuals must obtain a license or certification from the government or a professional body to legally perform certain types of work or professions.
Inclusive Unionism
A labor movement strategy that emphasizes the inclusion and representation of all workers, disregarding their professional, demographic, or contractual status.
Monopsonistic
Referring to a market condition where there is only one buyer for many sellers, giving the buyer significant control over prices and terms.
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