Microeconomics › Section N · Labor markets and income › Topic N.3
Unions and labor supply power
Monopsony was one buyer; its mirror is one seller - and when the sellers are workers, the seller is a union. With the threat of a strike behind it, a union can push wages above what the market alone would pay, and the model shows what that raise can cost in jobs.
In this topic
- What a union is
- Union membership, in outline
- The union as monopoly seller
- Worked example: the wage-employment trade
- How the job loss actually arrives
- Worked example: wages and machines
- The union wage premium
- The decline of US unions
- Common mistakes to avoid
- Key takeaways
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