In the standard model of a monopoly union bargaining with the firm, it is typically assumed that
A. union leadership disregards the preferences of the rank and file.
B. the union's sole objective is to increase the wage.
C. unions and management secretly negotiate on the behalf of stockholders.
D. unions never lead to an efficiency loss.
E. unions are willing to trade off some amount of employment for higher earnings.
Answer: E
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What is the income approach to measuring GDP?
What will be an ideal response?