Question

Which of the following is not correct? a. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. b. When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand. c. Most workers in the U.S. economy are not members of a union. d. The process by which unions and firms agree on the terms of employment is called a strike.

Answer 1

d. The process by which unions and firms agree on the terms of employment is called a strike

Step-by-step explanation:

Which of the following is not correct? a. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. b. When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand. c. Most workers in the U.S. economy are not members of a union. d. The process by which unions and firms agree on the terms of employment is called a strike

A. union is a group of sellers acting together in the hope of exerting their joint market power. which is absolutely true.

-b Union usually determine fluctuations in prices not demand and supply

d is incorrect The process by which unions and firms agree on the terms of employment is called collective bargaining, in which there is a dialogue between the two parties and a concensor is arrived at

Answer 2

The following statement which is not correct is D) process by which unions and firms agree on the terms of employment is called a strike.

Step-by-step explanation:

Yes union are like any cartel, in fact they act as legal labor cartel, who are trying to control labor supply in an industry because they want to drive up the wages and it won't be wrong to say if they're present in the market , the wages won't be determined by the equilibrium of supply and demand.

Yes it is true that these labor cartels are able to provide benefits to their members but at the cost of other workers and society , expanding this union is not beneficial for middle class and that's why you will find that most workers in US economy are not members of a union.

A strike is a situation when union refuses to work because they want employers to increase the wages of labors .