Eliminate their union contracts and reduce payroll costs

Reference no: EM131483069

Question: The airline industry has struggled with unions in adapting to deregulation over the last two decades. Competitive pressures have resulted in lower wages for industry employees, but several airlines have had to invoke bankruptcy proceedings to eliminate their union contracts and reduce payroll costs. How do these activities square with the assumption of competitive labor markets and flexible wages assumed by classical economists?

Reference no: EM131483069

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