Which of the Following Is a Factor Affecting an Employer's

question 16

Multiple Choice

Which of the following is a factor affecting an employer's labour relations strategy:

• A) the values of individual employees
• B) the methodology of the union representing employees
• C) labour relations legislation regulating employer conduct
• D) competitor's focus on their employees' philosophy
• E) union output

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the business for its operations instead of allocating them to their best alternative use.

Interest Rate

The expense associated with taking out a loan or the earnings from investments, usually shown as a percent of the total amount invested or borrowed.

Specialization

The process of focusing effort and resources on a limited number of activities to gain efficiency or expertise.

Average Cost

The total cost of production divided by the total quantity produced, representing the cost per unit of output.