Holding the Nonprice Determinants of Supply Constant,a Change in Price

question 52

Multiple Choice

Holding the nonprice determinants of supply constant,a change in price would

• A)result in either a decrease in supply or an increase in supply.
• B)result in a movement along a stationary supply curve.
• C)result in a shift of demand.
• D)have no effect on the quantity supplied.

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Definitions:

Recognition Strikes

Strikes initiated by workers to force an employer to recognize their union as the official bargaining agent for the workforce.

Strike Replacements

Workers who are hired to fill the positions of striking employees during a labor strike.

Bargaining Power

The relative capacity of parties in a negotiation to influence the terms and conditions of agreements.

Loose Labor Market

A situation in the job market where the supply of workers exceeds the demand for labor, often leading to higher unemployment rates and lower wages.