The basic building block of labor union is identified as the need for collective bargain and increased negotiation power. Labor unions are responsible for overseeing and formulating political ideology of the laborers, and if need be, mediate jurisdictional conflicts among members. Besides, it is entrusted with the mandate of negotiating collective bargain treaties besides mobilizing workers in organized groups in addition to reaching out the un-unionized workers and encourages them to forge a common identity for expressing any dissatisfaction at work. In order to increase the paid wage rate to members, unions can restrict labor supply, increase labor demand, and offer an equilibrium bargain on wage. In order to minimize supply of labor, the union can manipulate the number of suppliers in the industry, offer alternative wages, and twist income from nonwage. The best approach in controlling the supply of labor would be organization bargaining teams on behalf of the other employees. The accident strike model creates inefficiency in the labor market. This scenario happens when the union and the employer cannot concede or cede ground for further negotiations. It is characterized by unwillingness to bargain further on a conflicting issue. Depending on the nature of conflict at hand, asymmetric information strike model is due to differences in information between the parties. However amicable proactive negotiation which must fall within the revenue against cost of labor promotes efficiency. Virtual strike is effective and very practical because the participants though working will wear unique symbol or clothing that is easily noticeable. Since it doesn’t disrupt work activities, the management is likely to quickly review the conflicts voiced during the virtual strike by the staff united by unique communication symbols. Elastic and Inelastic Products The law of demand and supply works in opposite ways in the sense that, when the prices of commodities changes, demand and supply also change in opposite direction holding other factors constant. The magnitude of change of demand and supply depends on the type of the commodity in question. For instance, demand or supply of some commodities responds more than changes in price as compared to others. This brings us to the concept of elasticity of goods. The magnitude of the effect of change in price on the commodity depends on the price elasticity of the commodity. Elastic Products Various determinants of supply and demand often change. For instance, the price of goods can increase or decrease, the cost of production can increase, the price of the substitutes and complementary commodities can change, and consumers’ tastes and preferences can also change among others. Elastic products are strawberries, cakes, and candy. These products have elastic supply since their prices determine their ease to be purchased in the market. Besides, when the demand for the same falls, the supply will respond almost instantly in the market. Consider an event in which the price of cakes increases. The demand for the same will decrease by the same magnitude triggering the supply to decrease in the long run. On the other hand, reduction in price of cakes will influence th