The process through which unions and firms agree to the terms of employment is known as:
A)union market power
B)imperfect negotiation
C)collective bargaining
D)union extortion

Question

Quizplus · Accepted Answer

Collective bargaining is the process through which unions and firms negotiate and agree on the terms of employment, such as wages, benefits, and working conditions. It involves the exchange of proposals, counterproposals, and ultimately a contract that outlines the agreed-upon terms. Union market power refers to the ability of a union to influence wages and working conditions due to its ability to restrict the supply of labor, while imperfect negotiation refers to the situation where one party has more bargaining power than the other. Union extortion is an illegal practice of unions using threats or coercion to extract concessions from firms.

The Process Through Which Unions and Firms Agree to the Terms