Which of the Following Is Correct Regarding Technological Change

question 27

Multiple Choice

Which of the following is correct regarding technological change?

• A) it always poses a threat to unions
• B) it always leads to improvements in health and safety
• C) it does not affect the location of work
• D) it does not affect compensation
• E) it affects the ways that unions deal with employees

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Definitions:

Price Floor

A price floor is a government- or group-imposed price control that prevents a price from falling below a certain level, ensuring producers receive a minimum payment for their goods or services.

Perfectly Elastic

A situation in demand or supply where the quantity demanded or supplied changes infinitely in response to any change in price.

Perfectly Inelastic

Describes a market scenario where the demand or supply for a product remains unchanged even when the price changes.

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to a change in its price.