Final answer:
The stretch column refers to strategic adjustments in labor management when economic factors change, such as wage increases. Firms may invest in machinery and require a smaller workforce, increasing worker productivity but decreasing employment.
Step-by-step explanation:
The stretch column in daily labor management is conceptual and not explicitly mentioned in the information provided. However, the context suggests that it refers to the strategic adjustments a firm makes in response to shifts in wage rates or other economic factors. In the scenario described, where the wage has increased to $24 an hour, a firm may stretch its resources by investing in more machines rather than hiring additional labor, thereby reducing the need for a larger workforce. This strategy allows the firm to meet production needs while controlling labor costs, especially in the face of union demands for higher wages. By leveraging physical capital equipment, union workers become more productive, but as a trade-off, the number of workers needed decreases.