Ch 14 - Imperfectly Competitive Markets for Factors of Production Flashcards
A market in which there is only one buyer of a good, service, or factor of production is called a….
Monopsony
A buyer has _______________ if it faces an upward sloping supply curve for a good, service, or factor of production.
Monopsony power
An association of workers that seeks to raise wages and to improve working conditions is called a….
Labor union
A process of negotiation of worker contracts between unions and employers is called…
Collective bargaining
A refusal by union members to work- unless demands are met is called a…
Strike
Organizations that united skilled workers in the same trade us an attempt to increase wages, shorten working hours, and regulate working conditions for their members are called…
Craft unions
An arrangement that gives monopoly power in the supply of labor,where only union member can be hired, that unions consistently sought is called…
Closed shop
Closed-shop arrangements are illegal in the United States today, but many states permit arrangements in which a firm is allowed to hire nonunion workers who are required to join the union within a specified period are called…
Union shop
About 20 states prohibit union shop rules. Theses laws are called…
Right-to-work laws
A form of union thAt represents the employees of a particular industry, regardless of their craft, that aided growth of the labor movement is called…
Industrial union
A situation I n which a monopsony buyer faces a monopoly seller is called….
Bilateral monopoly
