If a Labor Union Tries to Reduce the Availability of Substitutes

question 99

Multiple Choice

If a labor union tries to reduce the availability of substitutes for the product it sells, it is attempting to affect the __________ for labor. But if it tries to increase substitute factor prices, it is attempting to affect the __________ labor.

• A)elasticity of demand; supply of
• B)demand; elasticity of demand for
• C)elasticity of demand; demand for
• D)demand; supply of

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Definitions:

Carlos Linnaeus

A Swedish botanist, zoologist, and physician who laid the foundations for the modern scheme of taxonomy and is known as the father of modern taxonomy.

Theories

Systematically organized principles proposed to explain phenomena, often based on observation, experimentation, and reasoning rather than pure speculation.

Natural World

All of the planets, ecosystems, and living organisms that exist naturally on Earth, outside of human creation or interference.

Adaptation

The process through which organisms adjust and change over time in response to their environment, enhancing their survival and reproductive success.