Multiple Choice
Assume that the steel workers' union is successful in obtaining a 10 percent wage increase from its employers. This wage increase will result in higher prices for steel. Employment in the steel industry will decline the least if:
A) the supply of foreign-made steel is relatively inelastic.
B) the demand for Canadian-made steel is relatively inelastic.
C) there are a large number of substitutes for steel.
D) Canadians have no preference for using Canadian-made steel over imported steel.
Correct Answer:
Verified
Correct Answer:
Verified
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