monopoly wage

'monopoly wage' can also refer to...


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Is a term used by economists to refer to the higher average wages enjoyed by unionized workers compared to their non-union equivalents. It expresses the idea that unions act as coercive monopolies within the labour market that control the supply of labour and therefore raise wages above the level that they would otherwise reach. [See monopsony wage, sword of justice, and wage-gap.]

Subjects: Human Resource Management.

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