If the Wage Is Kept Above the Equilibrium Wage for Any

question 345

True/False

If the wage is kept above the equilibrium wage for any reason, the result is structural unemployment.

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Definitions:

Property Rights

Legal rights that entail the ownership, use, and disposal of property, including tangible and intangible assets, ensuring protection against unauthorized use or infringement.

Union Action

Collective measures taken by a union or its members to achieve their objectives, which can include strikes, picketing, and negotiating agreements.

Collective Bargaining

A process where employees negotiate with their employers to establish terms of employment, including wages and working conditions.

Wagner Act

Also known as the National Labor Relations Act of 1935, a foundational US law that established the rights of workers to organize into unions and engage in collective bargaining.