An Industrial Union Can Obtain a Wage Higher Than the Competitive

question 112

Multiple Choice

An industrial union can obtain a wage higher than the competitive level

• A)without any change in total employment
• B)at the cost of a reduction in total employment
• C)and achieve higher total employment as well
• D)and achieve the same or higher total employment
• E)thus increasing the quantity of labor demanded

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Definitions:

Expense Account

A category within accounting that tracks money spent or costs incurred by a business in its operational activities.

Income Summary

An account used temporarily during the closing process to aggregate all income and expense accounts before transferring their balances to the retained earnings account.

Current Assets

Assets that are expected to be converted into cash, sold, or used within a year, including cash, inventory, and receivables.

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle of a business, whichever is longer.