Critics argue that unions are merely a type of cartel. When unions raise wages above the level that world prevail in competitive markets, they reduce the quantity of labour demanded, cause some workers to be unemployed, and reduce the wages in the rest of the economy. The resulting allocation of labour is both inefficient and inequitable. Outline the main arguments that favour the existence of union in an economy.

Q: 83) Which of the following is FALSE regarding a monopsonist? 83) A) The monopsonist is the only…

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A: * SOLUTION :-

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A:

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A:

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