If the Price Falls and the Total Amount Consumers Spend

question 6

Multiple Choice

If the price falls and the total amount consumers spend on the good remains unchanged, then demand must be

• A)elastic.
• B)inelastic.
• C)perfectly inelastic.
• D)unit elastic.

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Definitions:

Dispute Resolution

The process of resolving disagreements through negotiation, mediation, arbitration, or legal means.

Negotiators

Individuals involved in discussions aimed at reaching an agreement or compromise between two or more parties.

NLRA

The National Labor Relations Act, a foundational statute in United States labor law that protects the rights of employees to organize and to bargain collectively with their employers, and to engage in other protected concerted activities.

Bargaining Process

Negotiations between employers and employee representatives (usually unions) on work conditions, wages, and benefits aiming for a mutual agreement.