Discuss the benefits of unions
What will be an ideal response?
Some economists argue that unions probably raise social efficiency by increasing productivity. They also reduce wage inequality, reduce profits, and increase stability in the labor force by providing arbitration proceedings and grievance procedures. They also argue unions provide a political voice for union members, and that unions have effectively promoted general social legislation.
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If the cross elasticity of demand between goods A and B is positive
A) the demands for A and B are both price elastic. B) the demands for A and B are both price inelastic. C) A and B are complements. D) A and B are substitutes.
One point on a market supply curve represents $4 and 100 units quantity supplied. If there are three suppliers, and at a price of $4 one of the suppliers supplies 23 units, then which of the following combinations of price and quantity supplied might hold for the other two suppliers?
A) At $4, quantity supplied could be 40 units for one supplier and 27 for the other. B) At $4, quantity supplied could be 33 units for one supplier and 27 for the other. C) At $4, quantity supplied could be 40 units for one supplier and 37 for the other. D) At $4, quantity supplied could be 77 units for one supplier and 10 for the other. E) There is not enough information to answer this question.