Since the Demand for a Narrowly Defined Product Class (Fords

question 38

Multiple Choice

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.

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Definitions:

Bits of Information

The smallest units of data in communication and information theory, representing a binary choice or a distinction between two alternatives.

Spacing Effect

A phenomenon in which learning is greater when studying is spread out over time, as opposed to studying the same amount of content in a single session.

Distributed Study

A learning technique where study sessions are spread out over time, as opposed to cramming all material into a short period, enhancing long-term retention of information.

Massed Study

An educational technique involving studying material intensely over a short period of time without taking breaks, contrasted with spaced repetition.