If steel workers obtain a substantial wage increase, employment in the steel industry will be most likely to fall if

A) the demand curve for steel is highly inelastic.
B) the demand curve for steel is highly elastic.
C) the demand curve for steel workers is highly inelastic.
D) there are no good substitutes for steel.

Wage Increase

The rise in the hourly, daily, or monthly pay rate for workers, often sought after by employees and unions.

Employment in Steel Industry

Refers to the workforce engaged in the production and processing of steel, an important sector for many economies.

Elastic Demand

A situation where the quantity demanded of a product changes significantly due to a change in its price.