The demand for unionized labor will generally be more elastic, and it will be more difficult for the union to achieve above-equilibrium wages when
a. there are no close substitutes for the unionized workers.
b. the domestic producers of the good produced by the unionized workers face weak competition from foreign suppliers of the good.
c. the cost of employing the unionized workers is a large part of the total cost of the product that they produce.
d. the demand for the product produced by the unionized workers is highly inelastic.
C
You might also like to view...
Which organization primarily makes and guarantees loans to developing nations for basic development projects such as the construction of dams, roads, and schools?
A. The World Bank B. The New Economic Order C. The Federal Reserve System D. The Committee on Economic Development
By definition, an industry with high concentration also is highly competitive.
Answer the following statement true (T) or false (F)