When a group of workers forms a union, they introduce an element of
A) pure competition into the labor market.
B) monopoly into the labor market.
C) monopoly into the product market.
D) monopsony into the product market.

Question

Quizplus · Accepted Answer

When a group of workers forms a union, they have the power to negotiate collectively with employers, which gives them monopoly power in the labor market. This allows them to negotiate for better wages and benefits, among other things.

When a Group of Workers Forms a Union, They Introduce