Which Statement Is True

question 180

Multiple Choice

Which statement is true?

• A)There are currently about 35 million labor union members in the U.S.labor force.
• B)About one out of every four sets of collective bargaining sessions ends in a strike.
• C)Union membership as a percentage of the labor force has been declining since the 1950s.
• D)None of the statements are true.

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Definitions:

Skimming Pricing

A pricing strategy involving setting high prices initially and then gradually lowering them to make the product available to a broader market.

Penetration Pricing

A pricing strategy where the price of a new product is set lower than competitors to quickly gain market share.

Skimming Strategy

A pricing tactic that involves setting a high price for a new product to maximize profits from segments willing to pay more, before lowering the price over time.

Price Insensitivity

A condition where the demand for a product is unresponsive or less sensitive to changes in its price.