A Union Representative Observed That If the Union Members' Wages

question 202

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:

Talented People

Individuals possessing exceptional abilities, skills, or knowledge that contribute significantly to their fields of activity or organizational goals.

Unlock Potential

The process by which individuals or groups are encouraged and enabled to achieve greater capabilities or achieve new levels of performance.

Human Resource Management

The strategic approach to the effective management of people in an organization, in a way that can help their business gain a competitive advantage.

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