An effective craft union acts as a monopoly
A)demander of labor.
B)seller of labor.
C)demander of capital.
D)seller of capital.

Question

Quizplus · Accepted Answer

An effective craft union acts as a seller of labor by controlling the supply of skilled labor in a particular industry. By doing so, they can negotiate higher wages and better working conditions for their members. This control over the supply of labor gives them a monopoly-like power in the industry, allowing them to effectively set the price of labor.

An Effective Craft Union Acts as a Monopoly