Problem
Explain the significance of wage rate, unskilled labor, semiskilled labor, skilled labor, professional labor, market theory of wage determination, equilibrium wage rate, theory of negotiated wages, seniority, signaling theory, collective bargaining, grievance procedure, mediation, arbitration, binding arbitration, fact-finding, injunction, and seizure.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.