When a Perfectly Competitive,well-Functioning Market Is Not in Equilibrium

question 104

Multiple Choice

When a perfectly competitive,well-functioning market is not in equilibrium:

• A) total surplus can be increased by a change in market price.
• B) the market is not efficient.
• C) there are exchanges that can make some better off without someone becoming worse off.
• D) All of these are true.

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Definitions:

Union Dues

Regular payments made by members to their labor unions to fund the organization's activities, including collective bargaining and legal representation.

Employee Paychecks

refer to the regular payments made by employers to their employees for the work performed during a specific period.

Decertification Elections

A voting process where workers decide whether to remove the representation of a labor union in their workplace.

Challenges Union

Represents efforts or hurdles that labor unions face, which could include organizing, legal challenges, or opposition from companies and governmental entities.