The main function of organized labor is to_______________?
Correct answer: C. bargain collectively
- A. manage large corporations
- B. strike
- C. bargain collectively
- D. regulate safety
Explanation
Organized labor primarily represents workers in collective bargaining over wages, hours, and working conditions. Strikes are a possible bargaining tactic, not the union's main function.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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