Which of the Following Is Most Likely to Be an Inferior

question 261

Multiple Choice

Which of the following is most likely to be an inferior good?

• A)fur coats
• B)Porsches
• C)used clothing
• D)steak

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Definitions:

Direct Dealing

The negotiation process between employers and employees (or their representatives) without the involvement of third-party mediators or arbitrators.

Surface Bargaining

A term used in labor relations, referring to the practice of negotiating a contract without the intention of reaching a meaningful agreement.

Unilateral Change

Actions taken by one party, especially by an employer regarding work conditions, without agreement from the other party, such as employees or unions.

BATNA

Best Alternative to a Negotiated Agreement; the most advantageous alternative course of action a party can take if negotiations fail and an agreement cannot be reached.