Question 21 Which of the following statements is NOT correct? O Most workers in the U.S. economy are not members of a union. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. O When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand. O The process by which unions and firms agree on the terms of employment is called a strike.
Question 21 Which of the following statements is NOT correct? O Most workers in the U.S. economy are not members of a union. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. O When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand. O The process by which unions and firms agree on the terms of employment is called a strike.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question 21
Which of the following statements is NOT correct?
Most workers in the U.S. economy are not members of a union.
O Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market
power.
When a union is present in a labor market, wages are not determined by the equilibrium of supply and
demand.
O The process by which unions and firms agree on the terms of employment is called a strike.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54827682-bc2e-453e-8315-80bfd8615b3c%2Fe0b83229-f841-4f3e-917e-e91c1e55b683%2Fkdr3f4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:D
Question 21
Which of the following statements is NOT correct?
Most workers in the U.S. economy are not members of a union.
O Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market
power.
When a union is present in a labor market, wages are not determined by the equilibrium of supply and
demand.
O The process by which unions and firms agree on the terms of employment is called a strike.
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