Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 12, Problem 5P
To determine
describe the difference between craft and industrial unions attempt to raise the wage rates of their members. Enlighten on their different approaches and impact of the differences on the excess quantity of labor supplied
Concept Introduction:
Craft unions: represents a group of workers or trade union of workers who engage in the same skill
Industrial unions: this is where all workers in the same industry are organized into the same union, regardless of differences in their talents.
Excess quantity of labor supplied: this is a situation where the quantity of a good or service supplied is more than its quantity demanded for the good or service.
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