Which statement best defines collective bargaining?
A) It is the process by which the government sets exemptions from the minimum-wage law.
B) It is setting the same wage for all employees to prevent jealousy among workers.
C) It is the situation when firms collude to set the wages of employees in order to keep them below equilibrium.
D) It is the process by which unions and firms agree on the terms of employment.

Question

Quizplus · Accepted Answer

Collective bargaining is a process in which the representatives of a union and an employer come together to negotiate the terms and conditions of employment, such as wages, benefits, and working conditions. Both parties try to find a mutually acceptable agreement through negotiations. Collective bargaining is an important mechanism for ensuring fair and just working conditions for employees.

Which Statement Best Defines Collective Bargaining