What Is the Source of Power for Labour Unions

question 132

Multiple Choice

What is the source of power for labour unions?

• A) A shortage of workers
• B) Collective bargaining
• C) Parliament
• D) Public opinion
• E) All of these

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Definitions:

Excess Capacity

The situation in which a firm produces less than its potential output, often indicated by idle resources or facilities.

Potential Entrant

Refers to a business or company that is not currently in a market but has the capability and interest to enter the market if certain conditions are met.

Dominant Strategy

A strategy in game theory that yields the best outcome for a player regardless of what strategies other players choose.

Nash Equilibria

A situation in a non-cooperative game where no player can benefit by changing strategies, assuming the other players also don't change their strategies.