If a Labor Union Tries to Reduce the Availability of Substitutes

question 74

Multiple Choice

If a labor union tries to reduce the availability of substitutes for the product it sells, it is attempting to affect the __________ for labor. But if it tries to increase substitute factor prices, it is attempting to affect the __________ labor.

• A)elasticity of demand; supply of
• B)demand; elasticity of demand for
• C)elasticity of demand; demand for
• D)demand; supply of
• E)none of the above

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Definitions:

Technical Analysis

The study of historical market data, including price and volume, to forecast future market behavior.

Earnings Forecasting

The process of estimating the future profits of a company, often used by investors to make informed investment decisions.

Serial Autocorrelation

The relationship where a variable's current value is correlated with its past values over time.

Maurice Kendall

A British statistician known for his work in the field of statistics, notably the development of the Kendall rank correlation coefficient.