Elasticity of Demand Is Closely Related to the Slope of the Demand

question 158

Multiple Choice

Elasticity of demand is closely related to the slope of the demand curve.The less responsive buyers are to a change in price,the

• A)steeper the demand curve will be.
• B)flatter the demand curve will be.
• C)further to the right the demand curve will sit.
• D)closer to the vertical axis the demand curve will sit.

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Definitions:

Work Stoppages

A temporary cessation of work by employees due to a dispute with management over working conditions, pay, or other labor issues.

Labor Unions

Organizations that represent workers in negotiations with employers over wages, working conditions, and rights.

Right-to-work Laws

Legislation that prohibits unions from requiring union membership as a condition of employment.

Union Membership

The status of being a member of a labor union, which is an organization that represents workers' interests to employers, particularly concerning wages and working conditions.