Since the Demand for a Narrowly Defined Product Class (Fords

question 38

Multiple Choice

Since the demand for a narrowly defined product class (Fords, for example) is more elastic than the demand for a broadly defined product class (all automobiles) , a union will be better able to raise the wages of its members without causing a reduction in their employment when

• A) it can organize an entire industry, rather than just selective firms within the industry.
• B) it concentrates its organizational efforts on a single firm, ignoring the rest of the industry.
• C) the demand for the product is highly elastic.
• D) there are many good substitutes for union labor.

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Definitions:

Direct Customer Interaction

The direct communication and engagement between a business and its customers without intermediaries.

Philosophy

The study of fundamental questions about existence, knowledge, values, reason, mind, and language.

Customer Service

The assistance and support provided by a company to the people who use or buy its products or services.

Relationship Management

The strategy of maintaining a positive and productive relationship with business partners, clients, or customers, often through proactive communication and problem-solving.