The More Elastic the Supply of a Resource,_____

question 117

Multiple Choice

The more elastic the supply of a resource,_____

• A)the greater the economic rent as a proportion of total earnings.
• B)the greater the opportunity cost as a proportion of total earnings.
• C)the fewer the alternative uses the resource has.
• D)the greater the derived demand for the resource.
• E)the lower the derived demand for the resource.

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Definitions:

Residual Rights Theory

A concept in labor law that suggests employees have rights to certain workplace conditions not explicitly outlined in contracts.

Management Rights Clauses

Sections of a labor contract that delineate the powers and prerogatives of management to operate and manage the business.

Contract Provisions

Specific clauses or terms included in a contract that dictate the obligations, rights, and exceptions within the agreement.

Collective Bargaining

The process where workers, through their unions, negotiate contracts with their employers regarding wages, work conditions, and other employment issues.