Question

In what ways are unions simlar and/or different from monopolists?

Answer 1

Unions are similar to monopolies in terms that they are the price setters. Through pressure unions makes the employer to pay the wages that unions consider are right. Also, like monopolies have the motive of getter higher prices, similarly unions have the motive of getting higher wages.

Unions are different from monopolies in terms of their motive. The motive of monopolies is just to get profit for themselves. But the motive of unions are the welfare of workers. Unions don't want to exploit the employers rather they want to save employees from any kind of exploitation or unhealthy competition amongst themselves.