Answer:
Detaled solution can be seen in the attached diagrams:
Answer:
is the amount that sellers are willing and able to sell at a particular price.
Explanation:
Quantity supplied refers to the amount of goods sold or supplied at a particular price by the sellers in the market. According to the law of supply, there is a positive relationship between the price of the commodity and the quantity supplied of that commodity.
This indicates that an increase in the price of the commodity will lead to increase the quantity supply of the commodity and a decrease in the price of the commodity will lead to decrease the quantity supplied of the commodity.
Forgone output is the fundamental economic cost of unemployment. So, output (option (b)) is the right choice.
<h3>Forgone labour output </h3>
Forgone labour output is the amount of money that persons would have made over the course of their remaining working lives, discounted to the current year if they had not passed away too soon. Forgone labour production, like other accounting metrics like the Gross Domestic Product (GDP), is not meant to represent a gauge of society's prosperity. This brings us to the welfare-based approach, which is the second method for estimating the costs of premature death.
The potential for the production of goods and services is lost forever when the economy fails to provide enough jobs for everyone who is able and willing to work.
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The main body of law governing collective bargaining is the National Labor Relations Act (NLRA). It is also referred to as the Wagner Act. It explicitly grants employees the right to collectively bargain and join trade unions. The NLRA was originally enacted by Congress in 1935 under its power to regulate interstate commerce under the Commerce Clause in Article I, Section 8 of the U.S. Constitution. It applies to most private non-agricultural employees and employers engaged in some aspect of interstate commerce. Decisions and regulations of the National Labor Relations Board (NLRB), which was established by the NLRA, greatly supplement and define the provisions of the act.
The NLRA establishes procedures for the selection of a labor organization to represent a unit of employees in collective bargaining. The act prohibits employers from interfering with this selection. The NLRA requires the employer to bargain with the appointed representative of its employees. It does not require either side to agree to a proposal or make concessions but does establish procedural guidelines on good faith bargaining. Proposals which would violate the NLRA or other laws may not be subject to collective bargaining. The NLRA also establishes regulations on what tactics (e.g. strikes, lock-outs, picketing) each side may employ to further their bargaining objectives.
State laws further regulate collective bargaining and make collective agreements enforceable under state law. They may also provide guidelines for those employers and employees not covered by the NLRA, such as agricultural laborers.
