The One of the Following That Provides the Best Explanation

question 67

Multiple Choice

The one of the following that provides the best explanation for the decline in membership in labor unions in the United States is the:

• A) increased political power of the Republican Party
• B) high cost of union dues relative to lower wages
• C) increase in the number of women employed in the manufacturing sector
• D) increase in service jobs coupled with higher unemployment
• E) new constitutional amendments making unionizing workers more difficult

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Definitions:

Upward-sloping

Describes a curve on a graph that moves higher as it goes from left to right, often used to illustrate the relationship between price and supplied quantity in supply curves.

Short-run Supply Curve

A graphical representation showing the quantity of goods that producers are willing to supply at various prices over a short period, where at least one input is fixed.

Perfectly Competitive Market

A theoretical market structure characterized by an infinite number of small firms, homogeneous products, perfect information, and ease of entry and exit.

Demand Increases

A situation in market analysis where the quantity of a good or service that consumers are willing and able to buy rises.