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Question: Which of the following is not correct?  When a union is present in a labor market, wages are not ...

Show transcribed image text Which of the following is not correct? When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. The process by which unions and firms agree on the terms of employment is called a strike. Most workers in the U.S. economy are not members of a union.

Which of the following is not correct? When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power. The process by which unions and firms agree on the terms of employment is called a strike. Most workers in the U.S. economy are not members of a union.