The demand for unionized labor will generally be more elastic, and it will be more difficult for the union to achieve above-equilibrium wages when

a. there are many close substitutes for the unionized workers.
b. trade barriers limit the importation of the product produced by the unionized workers.
c. the cost of employing the unionized workers is a small part of the total cost of product that they produce.
d. the demand for the product produced by the unionized workers is highly inelastic.


A

Economics

You might also like to view...

Suppose an individual has to make a decision  at time t without having all the information relevant for making the decision. At time (t+1), the relevant information is revealed. We will say that the individual made a mistake if his decision in time t would have been different had he known what he knows at time (t+1). True or False: Without behavioral economics, we would not be able to explain mistakes.

Answer the following statement true (T) or false (F)

Economics

According to the quantity theory of money, the growth rate of which of the following is zero?

A) money supply B) velocity C) real GDP D) price level

Economics

“Cream skimming” usually results in

A. cross-subsidization of markets. B. subsidies to rural consumers of the service. C. regulations to provide universal service. D. monopoly.

Economics

Suppose a young person asked you for job advice in a globalized economy. Which of the following sectors would you try to dissuade them most from entering?

A. Finance sector B. Skilled profession in tradable sectors C. Commodities D. Manufacturing sector

Economics