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Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21.Which of the following will happen?
Labor Unions
Organizations that represent workers in negotiations with employers over wages, working conditions, and rights.
Right-to-work Laws
Legislation that prohibits unions from requiring union membership as a condition of employment.
Union Membership
The status of being a member of a labor union, which is an organization that represents workers' interests to employers, particularly concerning wages and working conditions.
Wage
The price paid for the use or services of labor per unit of time (per hour, per day, and so on).
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