Table 5-1
Suppose a Coffee Shop Faces the Following Demand

question 173

Multiple Choice

Table 5-1
Suppose a coffee shop faces the following demand schedule for coffee. $\begin{array}{|c|c|}\hline \text { Price per coffee (\$) } & \text { Quantity demanded } \\\hline 4.00 & 200 \\\hline 3.00 & 600 \\\hline 2.50 & 800 \\\hline 2.00 & 1000 \\\hline 1.50 & 1200 \\\hline 1.00 & 1400 \\\hline\end{array}$
-Referring to Table 5-1, if the shop increases the price from $3.00 to $4.00, the price elasticity of demand will (according to the mid-point method) be:

• A)0.29 and inelastic
• B)0.29 and elastic
• C)3.5 and inelastic
• D)3.5 and elastic

Identify the models of unionism and their characteristics, including empowerment unionism and exclusive representation.

Grasp the ethical considerations in business from utilitarian, libertarianism, and stakeholder perspectives.

Comprehend the principles and proposed reforms of the National Labor Relations Act (NLRA), including deregulation and the TEAM Act.

Analyze the impact of labor law on union density, labor rights, and the adversarial model of U.S. employee relations.

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Definitions:

Budget Surplus

Excess funding that occurs when government spends less than the amount of funds raised through taxes and fees.

Government of a Country

The organization that is the governing authority of a political unit, responsible for creating and enforcing laws, managing public resources and services, and protecting the rights of its citizens.

Fiscal Policy

Government policies regarding taxation and spending that influence economic conditions.

Lower Taxes

The reduction of tax rates or tax burdens to encourage economic activities or provide relief to taxpayers.