When a Monopolist Decreases the Price of Its Good, Consumers

question 444

Multiple Choice

When a monopolist decreases the price of its good, consumers

• A)continue to buy the same amount.
• B)buy more.
• C)buy less.
• D)may buy more or less, depending on the price elasticity of demand.

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Definitions:

Recognition Strike

A type of strike aiming to compel an employer to recognize and negotiate with the union as the official collective bargaining agent for the workers.

Sympathy Strike

A work stoppage by workers in one industry intended to show support for striking workers in a different industry or company.

NLRA

A key piece of legislation in US labor law, the National Labor Relations Act establishes the rights of workers to unionize and negotiate collectively with their employers.

Mandatory

Refers to something required or obligatory by law or rule.