If a Union Sets the Wage Rate to Maximize the Total

question 134

Multiple Choice

If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be

• A) zero.
• B) numerically equal to 1.
• C) finite, but greater than -1.
• D) positive, but less than 1.

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Definitions:

Marketplace

A platform or area where goods and services are exchanged or sold.

Marketing Concept

A business philosophy emphasizing customer needs and satisfaction as the key to achieving organizational goals.

Paradigm Shift

A fundamental change in the approach or underlying assumptions of a particular field or discipline.

Flatter Organizational Structure

An organizational design with fewer levels of hierarchy, encouraging better communication and faster decision-making between upper management and employees.