Which of the Following Is Not Correct

question 22

Multiple Choice

Which of the following is not correct?

• A)When a union is present in a labor market,wages are determined by the equilibrium of supply and demand.
• B)Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.
• C)The process by which unions and firms agree on the terms of employment is called collective bargaining.
• D)Most workers in the U.S.economy are not members of a union.

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Definitions:

Positive Statement

A factual assertion about how the world actually works, which can be tested and validated.

Steel Tariffs

Steel tariffs are taxes imposed on imported steel to protect domestic industries, often leading to increased prices of steel products and affecting international trade relations.

Factor Market

A marketplace where factors of production (such as labor, capital, and land) are bought and sold.

Factor of Production

An input used in the production of goods or services, including labor, capital, land, and entrepreneurship.