If the Demand for a Consumer Good Decreases, the Demand

question 93

Multiple Choice

If the demand for a consumer good decreases, the demand for resources required to make the good will

• A) increase.
• B) remain the same, but the quantity demanded will increase.
• C) decrease.
• D) increase or decrease depending on whether the demand for the product is elastic or inelastic.

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Definitions:

Union Workers

Employees who are members of a union, an organization that represents their interests, particularly in negotiations with employers over wages, benefits, and working conditions.

Structural Changes

Fundamental transformations in an economy, organization, or system's composition, often involving shifts in industries, technologies, or patterns of economic activity.

Union Density

The percentage of workers in a sector or country who are members of a labor union.

Labor Market Conditions

The dynamics and characteristics of the labor market, including employment rates, labor demand and supply, wage levels, and the skills required for jobs, affecting both workers and employers.