A Union Representative Observed That If the Union Members' Wages

question 200

Multiple Choice

A union representative observed that if the union members' wages were increased by some proportion, the workers would eventually suffer a greater than proportional decline in employment. This statement could best be explained if

• A) the new wages are to take effect immediately.
• B) union labor can easily be replaced with capital.
• C) union labor is an insignificant portion of the total cost of production.
• D) the demand for the final product the workers produce is relatively inelastic.

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Definitions:

Concrete Operational Thinking

Refers to the stage in cognitive development, typically occurring between the ages of 7 and 12, where children gain the ability to think logically about concrete events and understand the concept of conservation.

Imagined Possibilities

Imagined possibilities refer to the cognitive ability to envision future scenarios or outcomes that are not immediately present or based on current reality.

Imaginary Audience

A phenomenon where an individual imagines and believes that multitudes of people are enthusiastically listening to or watching them, common in adolescent egocentrism.

Implicit Judgment

An automatic and unconscious assessment or opinion formed about something or someone, based on biases or past experiences.