Give reasons or explain the following statements:
3. Concept of Elasticity of Demand helps trade union leaders.
Answer: 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.
3. Concept of Elasticity of Demand helps trade union leaders.
Answer: 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.
