One Reason Unions Have Declined as a Percent of the Workforce

question 121

Multiple Choice

One reason unions have declined as a percent of the workforce is that workers have shifted from __________ to __________ industries,which are harder to organize.

• A)manufacturing;service
• B)service;manufacturing
• C)financial;manufacturing
• D)None of these choices are correct.

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Definitions:

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs.

Variable Costs

Variable costs are expenses that vary directly with the level of production or output, such as materials and labor.

Fixed Costs

Expenses that remain constant regardless of the level of production or sales volume, such as rent or salaries.

Normal Return

The minimum profit necessary for a company to remain competitive in the market, often covering the cost of capital.