Examlex
In 2005, teaching assistants at the University of Oregon went on strike. Which aspect of their job made it easier for them to strike than most American workers?
Elastic Demand
A market condition where the demand for a product is sensitive to price changes, meaning that a small change in price results in a large change in the quantity demanded.
Deadweight Loss
A loss in economic efficiency that occurs when the optimal quantity of a good or service is not produced or traded.
Labor Markets
Economic marketplaces where labor services are bought and sold, and wages, employment levels, and working conditions are determined.
Inelastic Supply
A situation where the quantity supplied of a good or service is relatively unresponsive to changes in its price.
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