At the Grenchit Corporation the Union and Management Have Not

question 229

Multiple Choice

At the Grenchit Corporation the union and management have not been able to reach a mutually satisfactory agreement on a grievance. The two sides have agreed to bring in a(n) _________ who will examine the evidence and arguments on both sides and issue a binding decision.

• A) mediator
• B) arbitrator
• C) fact finder
• D) union steward

---

Definitions:

Price Elasticity of Supply

Price elasticity of supply measures how the quantity supplied of a good changes in response to a change in its price.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.

Midpoint Method

A technique used in economics to calculate the percentage change in quantity demanded or supplied between two points on a curve, providing an average elasticity for that range.

Cross-Price Elasticity of Demand

A measurement of how the quantity demanded of one good responds to a change in the price of another good, indicating whether they are substitutes or complements.