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Give Reason Or Explain the Following Statement: Concept of Elasticity of Demand Helps Trade Union Leaders. - Economics

Sum

Give reason or explain the following statement:

Concept of Elasticity of Demand helps trade union leaders.

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Solution

The concept of elasticity of demand is used by trade union leaders in collective bargaining. For instance, the trade union leaders can bargain for higher wages if they know that the demand for their labour is inelastic.

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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 4 Elasticity of Demand
Exercise | Q 2.3 | Page 131
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