An Organization of Employees Formed to Bargain with an Employer

question 36

Multiple Choice

An organization of employees formed to bargain with an employer is called a(n) _____.

• A) club
• B) clique
• C) union
• D) outgroup
• E) franchise

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied.

Economic Rent

The excess payment made to or for a factor of production over and above what would be needed to move it to its next best use.

Wage Rate

The standard amount of compensation given to employees per unit of time worked, often expressed as an hourly rate or annual salary.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good supplied.