A labor union in the labor market is analogous to a(n)__________ in the output market.

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A labor union is a group of workers who join together to negotiate better wages, benefits, and working conditions with their employers. Similarly, a cartel is a group of firms that come together to collude on production levels and prices in order to increase their profits. Both labor unions and cartels are able to exert a degree of market power by limiting the supply of workers or goods, respectively, which allows them to negotiate higher wages or prices.

A Labor Union in the Labor Market Is Analogous to A(n)__________