Labor Unions Try to Meet Their Objectives by Influencing the Elasticity

question 49

Multiple Choice

Labor unions try to meet their objectives by influencing the elasticity of demand for labor and the demand for labor. To influence these factors, they try to do all of the following except

• A)reduce the availability of substitutes for the product they produce.
• B)reduce the availability of substitute factors.
• C)increase demand for the product they produce.
• D)increase substitute factor prices.
• E)reduce the nonmoney benefits of substitute factors.

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Definitions:

Recovered

The process of regaining possession or control of something lost or stolen, or the return to a normal state of health, mind, or strength.

Liability

Legal responsibility for one's actions or omissions, including the obligation to make restitution.

Dissociated Partner

A term used in business partnerships to refer to a member who has ceased their association with the partnership, affecting their rights and responsibilities towards the partnership.

Novation

A legal process by which an old contract is replaced by a new agreement, transferring rights and obligations to a different party.