A union acts like a monopoly seller of labor.

Name: A union acts like a monopoly seller of labor.
Brand: Quizplus
Rating: 4.8 (36 reviews)

Question

Quizplus · Accepted Answer

A union negotiates on behalf of its members for higher wages, better working conditions, and benefits. It has the power to restrict the supply of labor by controlling who can work in a particular industry or occupation, and thus can act like a monopoly seller of labor. This can result in higher wages for its members, but may also lead to higher prices for the goods or services produced by those workers.

A Union Acts Like a Monopoly Seller of Labor