Collective bargaining refers to

A) the process by which the government sets exemptions from the minimum wage law.
B) setting the same wage for all employees to prevent conflict among workers.
C) firms colluding to set the wages of employees below equilibrium.
D) the process by which unions and firms agree on the terms of employment.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Unions

Organizations formed by workers to protect their rights and interests, often engaging in collective bargaining.

Terms of Employment

The conditions under which an employee works, including hours, salary, benefits, and responsibilities.