An Understanding of Labor Relations Is Not Necessary to Those

question 13

True/False

An understanding of labor relations is not necessary to those working in nonunion firms because it cannot aid in keeping the firm from becoming unionized.

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Definitions:

Welfare Loss

Economic inefficiency resulting from a deviation from an optimal allocation of goods and services, often due to externalities or market power.

Net Social Gain

The overall benefit to society from an economic transaction, after subtracting costs.

Barriers To Entry

Factors that make it difficult for new competitors to enter a market.

Net Social Cost

The total monetary cost of the negative externalities produced by an activity or production, minus any benefits.