Using Community Indifference Curves to Reflect Tastes of the Community

question 47

Multiple Choice

Using community indifference curves to reflect tastes of the community

• A)is a simple extension of indifference curve analysis because people are so different.
• B)cannot usually be done because the community may have inconsistent tastes even though its residents do not.
• C)is a simple extension of indifference curve analysis if people are all alike.
• D)Both B and C.

---

Definitions:

First Contract Negotiations

This term refers to the initial bargaining and agreement process between an employer and a newly formed or recognized union to establish terms of employment.

Interest Arbitration

A dispute resolution method in which an impartial arbitrator makes a binding decision on the terms of a labor contract, used when negotiation parties cannot reach an agreement.

Voluntary

A term indicating that an action or process is undertaken by someone's own choice or consent, without external compulsion.

Mandatory

Something that is required or obligatory by law or rules.