Chapter 31: Problem 1021
Enumerate the major influences that acted to bring the merging of the American Federation of Labor and the Congress of Industrial Organizations.
Chapter 31: Problem 1021
Enumerate the major influences that acted to bring the merging of the American Federation of Labor and the Congress of Industrial Organizations.
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Define collective bargaining and give its importance to labor.
Why is the Wagner Act (officially the National Labor Relations Act), considered to be "labor's Magna Charta"?
Explain how the \(\mathrm{MC}=\mathrm{MR}\) rule can be applied to the hiring of labor in a perfectly competitive market.
Suppose that a strong union is able to bargain for an increase in wages of 5 percent when productivity has gone up only 3 percent. Assume further that as a result of such an increase in wages, management increases the price of its products by 2 percent to pay for the additional cost. Analyze the effects of such increases in wages and price on the part of labor, management and consumers.
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