If People Have More Time to Adjust to a Price

question 208

Multiple Choice

If people have more time to adjust to a price change,

• A)demand becomes more elastic, and supply becomes less elastic
• B)demand becomes less elastic, and supply becomes more elastic
• C)both supply and demand become less elastic
• D)both supply and demand become more elastic
• E)elasticity of both demand and supply tends toward unity

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Definitions:

National Labor Relations Act

The National Labor Relations Act is a foundational piece of US labor law legislation enacted in 1935 that protects the rights of employees to organize, engage in collective bargaining, and take collective action, including striking if necessary.

Wagner Act

An important piece of labor legislation in the United States that established the rights of employees to organize, bargain collectively, and strike.

Labor Laws

Regulations governing the relationship between employers and employees, including rights, obligations, and working conditions.

Union Representation

The act of a labor union representing the interests of its members, including bargaining for better wages, benefits, and working conditions.