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Chapter 14: Q. 15 (page 350)

What is a labor union?

Short Answer

Expert verified

A labor union is a group of workers that are usually from the same trade.

Step by step solution

01

Concept Introduction

Purpose of labor unions:

Union members collaborate to negotiate and enforce a contract with management that ensures the things that matter to you, such as fair pay, affordable health care, job security, and a predictable schedule.

02

Explanation

Labor unions are groups of workers who negotiate salaries and working conditions with employers. In a labor market, labor unions behave as a monopoly. They can easily negotiate higher salaries and working conditions with companies than any one worker. Collective bargaining is the process of negotiating between businesses and labor unions.

03

Final answer

Hence, labor unions are a group of workers that are industry-specific and perform similarly to democracies.

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Most popular questions from this chapter

What is a perfectly competitive labor market?

If all countries eliminated all barriers to immigration, would global economic growth increase? Why or why not?

Are unions and technological improvements complementary? Why or why not?

Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in the town of Unionville, where all the bus drivers belong to a union.

Wage per hourQuantity of workers demandedQuantity of workers supplied
\(1412,0006,000
\)1610,0007,000
\(188,0008,000
\)206,0009,000
\(224,00010,000
\)242,00011,000
  1. What would the equilibrium wage and quantity be in this market if no union existed?
  2. Assume that the union has enough negotiating power to raise the wage to $4 per hour higher than it would otherwise be. Is there now excess demand or excess supply of labor?

If the United States allows a greater quantity of highly skilled workers, what will be the impact on the average wages of highly skilled employees?
See all solutions

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