Which of the Following Is True of Labor Markets

question 44

Multiple Choice

Which of the following is true of labor markets?

• A) The union can never acquire monopoly power over the labor supply.
• B) The union supplies the labor,but the contract has no authority on fixing its price.
• C) Unions stay away from employers that have power to influence prices in the product market and/or wages in the labor market.
• D) A contracted wage elasticizes the labor supply at the negotiated rate.

Identify stakeholders in an organization and understand their roles and impacts.

Understand the concept of globalization and its effects on organizational behavior and practices.

Recognize the importance of systematic research in organizational behavior and the role of multidisciplinary theories.

Understand workforce diversity, its benefits, challenges, and trends affecting organizational behavior.

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Definitions:

Time Study

Timing a sample of a worker’s performance and using it as a basis for setting a standard time.

Labour Standards

Benchmarks or criteria used to measure the expected performance or productivity of workers within a specific time period.

Historical Experience

Refers to the information and insights gained from past events and situations that influence current decision-making or understanding.

Time-Study Procedure

A method used to determine the time taken for a worker to complete a task, with the goal of increasing efficiency.