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Seth failed to put away his bicycle at night as he was supposed to do.His father told him that he would not be allowed to ride his bicycle for one week.Seth's father tried to change Seth's behaviour by using
Elastic Demand
A condition where a significant fluctuation in the demand for a product occurs due to variances in its price.
High Tariffs
Elevated taxes imposed on imports or exports between sovereign states, typically used to protect domestic industries.
Unionized Firms
Companies or organizations where a labor union represents the interests of the employees, negotiating wages, work conditions, and benefits on their behalf.
Foreign Competition
refers to the competitive pressure that domestic companies face from companies located in other countries.
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