If a Grievance Procedure Is Not Sufficient to Solve a Labor-Management

question 15

Multiple Choice

If a grievance procedure is not sufficient to solve a labor-management dispute, a binding decision may be sought from

• A)a shop steward.
• B)the AFL-CIO.
• C)a mediator.
• D)the EEOC.
• E)an arbitrator.

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Definitions:

Net Social Gain

The overall benefit to society, created when the total value generated by an action exceeds the total costs associated with it.

Rent-Seeking Activities

Practices of gaining economic benefits without contributing to productivity, typically through manipulation of the political environment.

Monopoly Power

The exclusive control by one company over an entire industry or market, allowing it to dictate terms and prices without competition.

Welfare Loss

This refers to the decrease in economic efficiency that occurs when the equilibrium for a good or service is not achieved or is distorted by external intervention, leading to a loss of social surplus.