Asked by
Autjoe Soe Supreme
on Dec 10, 2024
Verified
Since the demand for a narrowly defined product class (Fords, for example) is more elastic than the demand for a broadly defined product class (all automobiles) , a union will be better able to raise the wages of its members without causing a reduction in their employment when
A) it can organize an entire industry, rather than just selective firms within the industry.
B) it concentrates its organizational efforts on a single firm, ignoring the rest of the industry.
C) the demand for the product is highly elastic.
D) there are many good substitutes for union labor.
Narrowly Defined Product
A product that is characterized by very specific features or intended for a specific target market or use.
- Learn about the effects of product market competition on the discussions related to union wages.
- Evaluate the role of demand elasticity in shaping the outcomes of wage bargaining for union labor.
Verified Answer
AA
Learning Objectives
- Learn about the effects of product market competition on the discussions related to union wages.
- Evaluate the role of demand elasticity in shaping the outcomes of wage bargaining for union labor.
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