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The Teamsters are attempting to unionize the warehouse workers at Bruce's employer. One of the union representatives has called Bruce repeatedly at home to convince him the union is a good thing and told him that if he does not support them there is the potential he could lose his job. This statement made by the union representative is known as a/an:
Demand Curve
A visual chart that illustrates how the quantity of a product demanded by customers varies according to its price.
Consumer Equilibrium
The point at which the satisfaction obtained from a good or service equals the price paid for it, maximizing utility.
Substitution Effect
The change in consumption resulting from a change in relative prices, leading consumers to substitute away from higher-priced goods towards lower-priced ones.
Price Change
An alteration in the cost to purchasers of goods and services over time or in response to supply and demand conditions.
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