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In med-arb, third parties enter the dispute to act as a mediator but if issues cannot be resolved then the third party becomes an interest arbitrator and chooses terms of the collective agreement.
Demand Curve For Labor
A graphical representation showing the relationship between the quantity of labor demanded by employers and the wage rate.
Price Of Sewing Machines
The amount of money required to purchase a sewing machine, which may vary based on features, brand, and market demand.
Wage Rate
The amount of payment that a worker receives per unit of time or per unit of output, often expressed as an hourly or piece-rate wage.
Substitution Effect
The economic theory that as prices rise, or income decreases, consumers will replace more expensive items with less costly alternatives.
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