An Externality Is a Benefit or Cost Experienced by People

question 7

True/False

An externality is a benefit or cost experienced by people who neither produce nor consume that product.

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Definitions:

Union Shops

Workplaces where employees don't have to be union members to be hired, but must join the union within a certain period.

Union Members

Individuals who belong to a labor union, an organization that represents workers' interests in negotiations with employers regarding wages, working conditions, and benefits.

States

Politically organized territories with defined geographic boundaries, governed by their own governments and laws.

Unionization Rates

The percentage of a workforce that is member of a union, indicating the extent of union representation in the labor market.