The More Elastic the Demand for a Product, the Less

question 76

True/False

The more elastic the demand for a product, the less elastic will be the demand for the resources employed in producing it.

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Definitions:

Manufacturing Labor Market

The sector of the labor market focused on jobs involved in the production and fabrication of goods.

Unionized

Referring to workers or an industry segment that is organized into a union, which negotiates wages, work conditions, and other employment terms on behalf of its members.

Excess Supply

The situation in a market where the quantity of a good or service offered by producers exceeds the quantity demanded by consumers at the prevailing price.

Union Shop

A workplace where all employees must become members of a labor union within a specified period after being hired.