It Would Constitute a Breach of Duty of Fair Representation

question 12

True/False

It would constitute a breach of duty of fair representation for a union to weigh the cost of arbitrating a grievance with the likelihood of its success.

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Definitions:

Accounting Profits

The difference between total revenues and explicit costs, representing the net income reported on a company's financial statements.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Accounting Profits

The net income for a company after all expenses have been deducted from revenues, according to generally accepted accounting principles.

Implicit Costs

The opportunity costs of using resources owned by the company for its own operations, rather than earning income elsewhere.