how wages are determined? how the trade unions affect the rate of wages? (10 mrks)
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At that wage rate, the number of workers unemployed would be l1 – l2. ... So, in reality, wages are not determined by market forces of demand and supply put by collective bargaining between the trade union and the employer. And collective bargaining in the labour market is an example of bilateral monopoly.
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At that wage rate, the number of workers unemployed would be l1 – l2. ... So, in reality, wages are not determined by market forces of demand and supply put by collective bargaining between the trade union and the employer. And collective bargaining in the labour market is an example of bilateral monopoly.
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