Problem
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?
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.