Strikes Are Expensive for

question 206

Multiple Choice

Strikes are expensive for

• A)workers only because their income falls
• B)employers only because their revenue falls
• C)the public only because output falls
• D)both the public and employers because workers are compensated by the union for lost income
• E)workers, employers, and the public

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, leading to greater output with the same resources.

Herring

A small, silver-colored fish commonly found in the temperate waters of the North Atlantic, a significant source of food globally.

Opportunity Cost

The cost of an alternative that must be forgone in order to pursue a certain action or in the context of making a decision.

Cell Phones

Portable telecommunications devices that allow users to make voice calls, send text messages, and access various digital services.