In 2011,the State of Ohio Approved an Initiative to

question 31

Multiple Choice

In 2011,the state of Ohio approved an initiative to

• A)teach creationism in public schools.
• B)increase the minimum wage.
• C)restrict abortion.
• D)create a school voucher program.
• E)overturn a law that had weakened unions.

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Definitions:

Collude

When two or more entities, often companies, agree to work together secretly, especially in an illegal or deceitful way, to deceive, mislead, or defraud others of their legal rights, or to obtain an unfair advantage.

Profit

The financial gain realized when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Kinked-demand Curve

A demand curve that has a distinct bend or kink, typically illustrating that a firm in an oligopoly will experience a different elasticity of demand for price increases compared to price decreases.

Price Cut

A reduction in the price of a good or service to attract more customers or boost sales.