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Labor Unions
Beginning of paper
Since the foundation of the American Federation of Labor(AFL) in 1886, most
unions in the United States have displayed a pragmatic out look, largely
compatible with that of business. The general purpose of unions has been
to protect and advance the well being of workers, while that of business
has been to promote the interests of stockh .... Middle of paper
.... small portion of the total costs of production, so that a
rather large increase in wages would generate only a small increase in the
price of the product. Third, the supply of factors that can be used as
substitutes for union labor, such as nonunion labor or labor-saving
machinery, should be inelastic, so that their price rises substantially as
more units are employed. Fourth, the ability of these factors to
substitute for union labor should be ....
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Number of words: 604
Number of pages: 3 (approx. 250 words per double-spaced page)
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