If a Union Sets the Wage Rate to Maximize the Total

question 134

Multiple Choice

If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be

• A) zero.
• B) numerically equal to 1.
• C) finite, but greater than -1.
• D) positive, but less than 1.

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Definitions:

Social Solidarity

Social solidarity is the sense of unity and mutual support within a community, based on shared interests, objectives, standards, and sympathies, contributing to social cohesion and collective well-being.

Ritual

A set of actions or rites performed for symbolic value, often associated with religious, social, or cultural significance.

Collective Conscience

A set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.

Collective Effervescence

A concept to describe the sense of energy and harmony people feel when they come together in a group around shared purposes.