Motivated by a Need for Stronger Bargaining Positions,a Desire to Avoid

question 47

Multiple Choice

Motivated by a need for stronger bargaining positions,a desire to avoid jurisdictional disputes,the decline for some U.S.industries,and the need for self-preservation,unions choose to:

• A) amalgamation.
• B) affiliation.
• C) absorption.
• D) conglomeration.
• E) affiliation,amalgamation,and absorption.

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Definitions:

Consumer Surplus

The disparity between what consumers are prepared and able to spend for a product or service and the actual amount they end up paying.

Property Tax

A tax assessed on real estate by the local government, based on the property's value.

Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Excess Burden

The cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.