What Is the First Step in Bargaining

question 42

Multiple Choice

What is the first step in bargaining?

• A) The union and management serve notice to bargain.
• B) The parties meet.
• C) The momentum builds for settlement.
• D) Management and the union prepare for bargaining.

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Definitions:

Aggregate Supply Curve

The aggregate supply curve represents the total output of goods and services that firms in an economy are willing and able to produce at different price levels, holding all else constant.

Output Increases

A rise in the quantity of goods or services produced by an economy or firm over a specific period.

Potential Output

The highest level of GDP a country can achieve when its resources are fully employed, without causing inflation.

Labor Productivity

A measure of economic performance that compares the amount of goods and services produced (output) with the number of labor hours used to produce those goods and services.