As the Relative Price Paid to a Resource in a Particular

question 27

Multiple Choice

As the relative price paid to a resource in a particular use rises,

• A)resources will be drawn from lower-valued uses to higher-valued uses
• B)resources will be drawn from higher-valued uses to lower-valued uses
• C)resources will generally remain where they are currently employed
• D)the supply of that resource will shift to the right
• E)the supply of that resource will shift to the left

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Definitions:

Union Democracy

A principle or practice within labor unions that ensures decision-making processes are transparent, participatory, and reflect the will of the membership.

Substantive Dimension

A term focusing on the content or substance of policies or laws, often in contrast to procedural aspects.

Paternalistic/Strategic

The approach of managing or governing people by providing for their needs without giving them rights or responsibilities, often contrasted with strategic decision-making that involves long-term planning and consideration of various outcomes.

Union Acceptance

The acceptance by an employer of a trade union as the representative of its employees.