A Labor Union Is Defined As

question 57

Multiple Choice

A labor union is defined as:

• A) the totality of many voluntary social relationships, civic and social organizations, and institutions that form the basis of a functioning society.
• B) a distinct territorial subdivision for holding a separate election for one or more seats in a legislative body.
• C) a congregation of legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time.
• D) a collection of workers banding together to meet common goals, such as better pay, benefits, or promotion rules.
• E) a formal meeting of the representatives of different nations, constituent states, independent organizations, or groups.

---

Definitions:

Unit Variable Costs

Costs that vary directly with the production volume, such as materials and labor, on a per-unit basis.

Contribution Margin Ratio

A financial metric that shows how much of a company's revenue is available after variable costs to cover fixed costs and generate profit.

Unit Contribution Margin

The difference between the selling price per unit and the variable cost per unit, showing how much each unit contributes to covering fixed costs and generating profit.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.