The primary mechanism by which industrial unions typically increase wage rates is:

Question

Quizplus · Accepted Answer

Industrial unions typically increase wage rates by negotiating for wages above the market equilibrium. This is done through collective bargaining, where the union represents the workers in negotiations with the employer to secure higher wages, better working conditions, and other benefits. By imposing a wage rate above the equilibrium rate, unions aim to increase the compensation their members receive, rather than affecting the demand or supply of labor directly.

The Primary Mechanism by Which Industrial Unions Typically Increase Wage