Staggered, overlapping contracts mean
A) the contract between workers and firms can be opened for renegotiation if other key firms in the industry have signed a new contract within the last ninety days.
B) each firm within an industry agrees to negotiate with the union according to a schedule.
C) not all labor contracts within the economy expire at the same time.
D) different contracts are reached for the different skill classifications of workers within a firm.
C
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In the Keynesian framework, as long as output is ________ the equilibrium level, unplanned inventory investment will remain negative and firms will continue to ________ production
A) below; lower B) above; lower C) below; raise D) above; raise
Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves because
a. free entry implies that long-run profits will be zero no matter how much each firm produces. b. firms seek maximum profits and to do so they must choose to produce where average costs are minimized. c. firms maximize profits and free entry implies that maximum profits will be zero. d. firms in the industry desire to operate efficiently.