The Main Reason for the Current Trend Toward a Growing

question 60

Multiple Choice

The main reason for the current trend toward a growing spirit of cooperation between unions and management is

• A) that there is significant union presence on corporate boards of directors.
• B) that about half of all American workers now belong to unions, so management is more inclined to listen.
• C) the lack of urgency in meeting demands, since most workers now enjoy comfortable wages and working conditions.
• D) a desire to survive in a highly competitive economy under increasing pressure from foreign competition.
• E) the passage of new federal labor laws that now require cooperation under threat of federal intervention.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price; high elasticity indicates sensitivity to price changes.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing and able to provide.

Price Elasticity

The determination of how significantly a good's demanded quantity is influenced by its price movements.

Midpoint Method

A technique used in economics to calculate the percentage change between two numbers, offering a more accurate depiction of proportionate change.