active efforts by government or businesses that give special rights to minorities in hiring, promotion, or access to education to make up for past discrimination
bilateral monopoly
a labor market with a monopsony on the demand side and a union on the supply side
collective bargaining
negotiations between unions and a firm or firms
discrimination
actions based on the belief that members of a certain group or groups are in some way inferior solely because of a factor such as race, gender, or religion
first rule of labor markets
an employer will never pay a worker more than the value of the worker's marginal productivity to the firm
monopsony
a labor market where there is only one employer
perfectly competitive labor market
a labor market where neither suppliers of labor nor demanders of labor have any market power; thus, an employer can hire all the workers they would like at the going market wage