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 .
Monopoly wage is a term used by economists to refer to the higher wages earned by unionized workers compared to non-unionized workers .
Monopoly wage 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 .
Monopoly wage is a term used by economists to refer to the higher wages earned by unionized workers compared to non-unionized workers .