Table 6-2 -Refer to Table 6-2.Assume That an Economist Has Estimated the Economist

question 5

Multiple Choice

Table 6-2

-Refer to Table 6-2.Assume that an economist has estimated the price elasticity of demand values in the table above.Use the data in the table to select the correct statement.

• A)The demand for Coca-Cola is inelastic.
• B)The elasticity for "All soft drinks" is less than the elasticity for Coca-Cola because Coca-Cola is more of a luxury than a necessity; "All soft drinks" represent goods that are more necessity than luxury.
• C)The difference in elasticity values is explained by the fact that the more narrowly we define a market the more elastic the demand will be.
• D)There are fewer substitutes for "All carbonated soft drinks" than there are for "All soft drinks."

---

Definitions:

National Labor Relations Board

A U.S. federal agency responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.

Union Representation Elections

The process by which employees of a workplace vote on whether to have a union represent them in collective bargaining with their employer.

Unfair Labor Practice

Actions by employers or unions that violate the rights of employees as defined by labor laws or agreements.

U.S. Labor Law

The body of laws, regulations, and judicial precedents that address the legal rights of, and restrictions on, working people and their organizations in the United States.