Asked by Daniel Sanchez on Jun 03, 2024
Verified
Restricting the supply of labor is a means of increasing wage rates more commonly used by industrial unions than craft unions.
Supply of Labor
The total hours that workers are willing and able to work at a given wage rate, within a given period.
Wage Rates
The amount of money paid to an employee for work performed, typically expressed per hour or year.
Industrial Unions
Unions that organize workers across various trades and crafts within an industry to conduct collective bargaining.
- Recognize and elucidate various strategies unions employ to impact wage levels and conditions in the labor market.
Verified Answer
LK
Lokesh kumarJun 08, 2024
Final Answer :
False
Explanation :
Craft unions are more likely to restrict the supply of labor to increase wage rates, often through mechanisms like apprenticeship programs, licensing, and membership limits, whereas industrial unions typically focus on organizing large numbers of workers across entire industries to negotiate better wages and conditions.
Learning Objectives
- Recognize and elucidate various strategies unions employ to impact wage levels and conditions in the labor market.