Which of the Following Explanations Would Most Likely Explain the Difficulties

question 37

Multiple Choice

Which of the following explanations would most likely explain the difficulties faced by labor unions since 1980?

• A) The loss of once-unionized manufacturing jobs to low-wage countries.
• B) There have been high levels of unemployment.
• C) The intensity of international competition has decreased.
• D) Trends toward less flexible production have begun.

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Definitions:

Imperfectly Competitive

Refers to market structures that do not meet the criteria of perfect competition, involving elements like monopolies or oligopolies.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, keeping other inputs constant.

Profit-Maximizing Output

The level of production at which a firm can achieve the highest possible profit, considering its cost structure and the market price.

Wage Rate

The amount of compensation offered per unit time or piece of work to an employee.