The Demand for Unionized Labor Will Generally Be More Elastic

question 58

Multiple Choice

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.

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Definitions:

Neuron

A specialized cell transmitting nerve impulses; a basic building block of the nervous system responsible for processing and transmitting information.

Firing

Firing, in the context of neural activity, refers to the action of neurons when they send an electrical impulse along their axons, a fundamental process for brain communication.

Endorphins

Endorphins are natural pain-relieving chemicals released by the brain during exercise, excitement, pain, and sexual activity, contributing to a sense of well-being.

Inhibition

A psychological process that involves restraining or suppressing impulses, emotions, or behaviors.