Monopoly wage
Monopoly wage is a term used by economists to refer to the higher wages earned by unionized workers compared to non-unionized workers. It entails the idea that unions act as coercive monopolies by raising wages other than what they would be if there was competition between individual workers.
References[]
Heery, Edmund; Noon, Mike (2002). A Dictionary of Human Resources Management. Oxford University Press. p. 225
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