The Law of Demand States That an Increase in the Price

question 30

Multiple Choice

The law of demand states that an increase in the price of a good

• A) increases the supply of that good.
• B) decreases the quantity demanded for that good.
• C) decreases the demand for that good.
• D) increases the quantity supplied of that good.

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Definitions:

Landrum-Griffin Act

U.S. federal law enacted in 1959 to regulate labor unions' internal affairs and their officials' responsibilities to members.

Convicted Felon

An individual who has been formally found guilty by a court of a felony, a serious crime typically punishable by death or imprisonment for more than one year.

Union President

The elected leader of a labor union, responsible for representing the interests of the union’s members and directing its activities.

Mediation

In mediation, a neutral third party called the mediator listens to and reviews the information presented by both sides and then makes an informed recommendation and provides advice to both parties about what she or he believes should be done.