If a Union Establishes by Collective Bargaining a Wage Rate

question 246

Multiple Choice

If a union establishes by collective bargaining a wage rate that is above a competitive market equilibrium wage rate, then

• A) an excess quantity of labor will be supplied.
• B) a shortage of labor will result.
• C) there will be an increase in total employment.
• D) management will want to substitute labor for machinery.

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Definitions:

Consumer-to-Consumer

A type of commerce where private individuals trade goods, services, or information directly with each other, often facilitated by a third-party platform.

Higher-End Product

Goods that are considered of superior quality and higher price, often associated with luxury or premium branding.

Sales Process

A series of steps taken by a company to move a product or service from the initial contact with a potential customer to the final transaction.

Cross-Selling

The practice of suggesting related products or services to a customer who is considering or making a purchase, with the aim of increasing sales.