Which of the Following Best Describes the Effects of Unions

question 130

Multiple Choice

Which of the following best describes the effects of unions in the United States today?

• A) The average union worker works more hours but earns a lower annual income than the average nonunion worker.
• B) The average union worker works fewer hours but earns a higher annual income than the average nonunion worker.
• C) The average union worker works more hours and earns a higher annual income than the average nonunion worker.
• D) The average union worker works fewer hours and earns a lower annual income than the average nonunion worker.

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Definitions:

Brand Loyalty

The tendency of consumers to continuously purchase products from the same brand due to satisfaction, preference, or perceived superiority.

Elastic

A description of a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation where the demand or supply for a product does not change significantly when the price of the product changes.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.