In the article entitled "The Economic Effects of Labor Unions Revisited," Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:
· Demand, supply, and equilibrium wage rates of labor
· Unemployment
· Deadweight welfare loss
· Elasticity
· Real GDP and economic growth
· Income per capita
· Population growth and aging
· Marginal costs, marginal revenues, and profits