Which of the Following Best Explains a Major Reason Why

question 95

Multiple Choice

Which of the following best explains a major reason why union membership in the United States has fallen in the last 50 years?

• A)Legislation provides workers with protections that were once exclusive to unions.
• B)Union members earn less on average compared to non-union members.
• C)Union membership is too expensive for most blue-collar workers.
• D)Foreign-owned manufacturers will not hire union members.

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Definitions:

Consumer's Surplus

The variance between what consumers are prepared and capable of spending for a product or service and the actual sum they end up paying.

Price of X

The cost or monetary value associated with acquiring, producing, or selling a good or service named X.

Quasilinear Preferences

Preferences characterized by a linear relationship in one good and non-linear in others, implying constant marginal utility for the linear good.

Consumer Surplus

The gap between the total price consumers are ready and able to spend for a good or service and what they actually spend.