A 4 Percent Reduction in the Price of a Product

question 86

Multiple Choice

A 4 percent reduction in the price of a product causes consumer expenditure to remain the same.The price elasticity of demand is:

• A) zero.
• B) greater than zero.
• C) greater than zero but less than 1.
• D) equal to 1.

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Definitions:

Mandatory Unionization

A policy requiring employees in a particular workplace or sector to join a union as a condition of employment.

Unionizing

The process by which workers form or join a union to collectively bargain for better terms and conditions of employment.

In-House Organizing

The process of forming and establishing unions or groups within an organization by its own employees, rather than external union organizations.

Union Shop

A workplace where all employees must either join the union or pay union dues, typically after a specified period of employment.