Refer to the accompanying figure to answer the questions that follow.
-How is opportunity cost illustrated in the figure?
Definitions:
Labor Unions
Organizations that represent the collective interests of workers in negotiations with employers over wages, working conditions, and other employment terms.
Sherman Antitrust Act
An 1890 United States federal statute that prohibits monopolistic business practices and supports competition in the marketplace.
Unions
Associations of workers formed to negotiate collectively with employers over wages, work conditions, and rights; another term for labor unions.
Industrial Relations School
An academic field of study that focuses on the relationships between employers, employees, unions, and the government in the workplace and the labor market.
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