Which of the Following Is Not Equal to Total Surplus

question 477

Multiple Choice

Which of the following is not equal to total surplus?

• A)consumer surplus - producer surplus
• B)buyers' willingness to pay - sellers' costs
• C)value to buyers - amount paid by buyers + amount received by sellers - cost to sellers
• D)value to buyers - cost to sellers

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Definitions:

Collective Bargaining

Is the process by which managers and union leaders negotiate acceptable terms and conditions of employment for those workers represented by the unions.

Nonunionized

Refers to a workplace or workforce that is not represented by a labor union or does not engage in collective bargaining.

Union Certification Election

A formal process in which employees of a workplace vote on whether or not to be represented by a labor union.

Authorization Cards

Documents signed by employees to indicate their wish to be represented by a labor union.