When Employees Are Not Represented by a Union the Employment

question 29

True/False

When employees are not represented by a union the employment relationship is governed by the contract between the parties, common law, and employment legislation

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Definitions:

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information, which leads to firms being price takers.

Perfectly Competitive Firm

A business that operates in a market where there are many buyers and sellers, all selling identical products, with no single entity being able to influence the market price.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.