Since the demand for a narrowly defined product class (Fords, for example) is more elastic than the demand for a broadly defined product class (all automobiles), a union will be better able to raise the wages of its members without causing a reduction in their employment when
a. it can organize an entire industry, rather than just selective firms within the industry.
b. it concentrates its organizational efforts on a single firm, ignoring the rest of the industry.
c. the demand for the product is highly elastic.
d. there are many good substitutes for union labor.
A
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The price elasticity of demand for bread
a. is computed as the percentage change in quantity demanded of bread divided by the percentage change in price of bread. b. depends, in part, on the availability of close substitutes for bread. c. reflects the many economic, social, and psychological forces that influence consumers' tastes for bread. d. All of the above are correct.
In the long run, an increase in the stock of human capital
a. and increases in the money supply both make the price level rise. b. and increases in the money supply both make the price level fall. c. makes the price level rise, while increases in the money supply make prices fall. d. makes the price level fall, while increases in the money supply make prices rise.
Which of the following is designated by points C’ and C in Exhibit 4?
a. Calvin and Wendy each benefit by specializing and trading their goods.
b. By specializing in food, Wendy can produce and trade 13 pounds of food per day.
c. In their exchange, the price of Wendy’s food is higher than the price of Calvin’s cloth.
d. Through trade, Wendy’s food production drops from 10 pounds to 7 pounds per day.
Microsoft has just taken some senators out to dinner in Paris in a private jet. This is probably an example of an attempt to influence:
A. social forces. B. political forces. C. economic forces. D. the price mechanism.