Asked by
Bailey Ortega
on Dec 10, 2024Verified
Which of the following is most likely to be associated with a strong union?
A) The demand for the products produced by the unionized labor is highly elastic.
B) There are few good substitutes for the products produced by the unionized labor.
C) It is easy to substitute capital for the labor of the union members.
D) Union labor composes a large proportion of the total cost of the product that they help produce.
Elastic Demand
Describes a situation where the quantity demanded of a product changes significantly in response to changes in its price.
Strong Union
Represents a labor union with significant bargaining power, often due to a large membership or strategic importance, capable of negotiating favorable terms for its members.
Capital Substitute
An investment or process that replaces or reduces the need for capital investment, often through technology or innovative methods.
- Fathom the association among union potency, market environments, and outcomes on employee compensation.
Verified Answer
KN
Learning Objectives
- Fathom the association among union potency, market environments, and outcomes on employee compensation.