Unions tend to demand higher wages the more inelastic the demand for labor is (because then the

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Unions tend to demand higher wages the more inelastic the demand for labor is (because then the trade-off between wages and employment is lessened). How will the following factors affect union wage demands (other things being equal)?

a. The demand for output is highly elastic.

b. Labor represents a small fraction of total cost.

c. It is easy to substitute capital for labor.

d. The union controls only a small fraction of the industry.

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Economics Barrons Business Review Series

ISBN: 9781438008776

6th Edition

Authors: Walter J. Wessels

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Question Posted: Feb 18, 2024 04:01 AM

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Unions tend to demand higher wages the more inelastic the demand for labor is (because then the

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a Reduce wage demands b Increase wage demands c Re...View the full answer

Economics Barrons Business Review Series

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