What is called a place of work where all workers within a section must belong to a single official recognized trade union ?
Correct answer: C. Closed shop
- A. Monopolized shop
- B. Monopolized area
- C. Closed shop
- D. Monopolized market
Explanation
A closed shop is a workplace in which employees must belong to the recognized trade union. It is therefore a union-membership requirement, not a type of market monopoly.
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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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